I purchased a freehold house in North Sheen yet pay rent, why is this and what is this?
It is rare for properties in North Sheen and has limited impact for conveyancing in North Sheen 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 establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
After reviewing consumer advice sites for a cheap lawyer in North Sheen, most advise that I must use a CQS assured solicitor. Can you explain what CQS is?
North Sheen Conveyancing Quality Scheme solicitors have obtained certification under the Law Society's Scheme (CQS) The Law Society introduced CQS to establish evidence of quality standards in the in the legal transfer of properties. CQS enables buyers and sellers to identify solicitor firms who provide a quality residential conveyancing. North Sheen is one of locations in England and Wales in which accredited firms have offices. The conveyancing scheme requires solicitors to undergo a strict assessment, compulsory training, self-reporting, random audits and yearly assessments in order to maintain CQS status. It is open only to members of the Law Society who meet the demanding standards set by the scheme and has the support of the Council of Mortgage Lenders.
What does a local search inform me regarding the property my wife and I purchasing in North Sheen?
North Sheen conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays a central part in most North Sheen conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
How does conveyancing in North Sheen differ for new build properties?
Most buyers of new build residence in North Sheen contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because house builders in North Sheen typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in North Sheen or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a straight forward, no chain conveyancing. North Sheen is where the house is located. What do you suggest?
Flying freeholds in North Sheen are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside North Sheen you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Sheen may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have subsequently been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in North Sheen. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
The majority of houses in North Sheen are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in North Sheen in which case you should be looking for a North Sheen conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct alterations. You may also be required to pay a maintenance charge towards the maintenance of the estate where the house is part of an estate. Your conveyancer will advise you fully on all the issues.
I am the registered owner of a basement flat in North Sheen. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
Where there is a missing landlord or where there is dispute about the premium for a lease extension, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to calculate the sum to be paid.
An example of a Lease Extension case for a North Sheen flat is Flat 1 30 Ennismore Avenue in September 2010. the Tribunal adopted and arrived at a premium for the lease extension of £29, 900 This case affected 1 flat. The number of years remaining on the existing lease(s) was 68.34 years.