I own a freehold residence in New Forest yet pay rent, why is this and what is this?
It is rare for properties in New Forest and has limited impact for conveyancing in New Forest but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My lawyer in New Forest is not listed on the Coventry Building Society Conveyancing Panel. Is it possible for me to retain my family solicitor notwithstanding that they are not on the Coventry Building Society panel of approved conveyancing solicitors?
Your options are as follows:
- Carry on with your preferred New Forest solicitors but Coventry Building Society will need to instruct a lawyer on their panel. This will inevitably rack up the total legal charges and cause delays.
- Find a new solicitor to act in the purchase, remembering to check they are on the Coventry Building Society panel
I require quick conveyancing in New Forest as I am under an ultimatum to exchange contracts within one month. Thankfully I do not require a mortgage. Is it possible to decline from having conveyancing searches to save money and time?
As you are not taking a mortgage you are at free not to do searches although no conveyancer would suggest that you don't. With plenty of history conveyancing in New Forest the following are instances of issues that can be revealed and adversely impact the marketability of the property: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Railway Schemes,...
I'm purchasing my first flat in New Forest benefiting from help to buy. The sellers refused to reduce the price so I negotiated five thousand pounds worth of extras instead. The house builders rep advised me not reveal to my solicitor about the side-deal as it would jeopardize my mortgage with Godiva Mortgages Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been recommended by a couple of local selling agents in New Forest to locate a solicitor on your site. Is there a financial upside for Estate Agents to recommend your lawyers ahead of another?
We don’t make any commission for sending work to this site. We found it would be just too difficult to pay a commission as a client could think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
There are only 62 years remaining on my flat in New Forest. I need to extend my lease but my landlord is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to prove that you or your lawyers have done all that could be expected to locate the freeholder. In some cases a specialist should be useful to conduct investigations and to produce an expert document which can be accepted by the court as proof that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer both on proving the landlord’s absence and the application to the County Court covering New Forest.
I am the registered owner of a studio flat in New Forest, conveyancing formalities finalised 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in New Forest with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease comes to an end on 21st October 2090
You have 64 years remaining on your lease we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.