I require conveyancing for a flat in a fairly new development (6 years built) in North Somerset. The vast majority the appartments have already been occupied. Is it really necessary to order conveyancing searches for my conveyancing in North Somerset?
If you are purchasing a property with the assistance of a mortgage, your lender will insist on some (many) of the searches so you'll have no choice. If not, then North Somerset conveyancing searches are optional. No doubt your conveyancer, will ’encourage’, perhaps strongly, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you demand that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you may need to instruct a new lawyer for your conveyancing in North Somerset.
I am the registered owner of a freehold property in North Somerset but nevertheless charged rent, why is this and what is this?
It is rare for properties in North Somerset and has limited impact for conveyancing in North Somerset 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
How does conveyancing in North Somerset differ for newly converted properties?
Most buyers of new build property in North Somerset approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is completed. This is because builders in North Somerset tend to purchase 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 conveyancers 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 Somerset or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. North Somerset is where the house is located. Can you shed any light on this issue?
Flying freeholds in North Somerset are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside North Somerset you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in North Somerset may ascertain 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 property.
My step-father has urged me to appoint his conveyancing solicitors in North Somerset. Should I choose my own property lawyer?
Much as we are happy to recommend a North Somerset conveyancing lawyer the ideal way to choose a conveyancing lawyer is to get recommendations from friends or family who have previously instructed the firm that you are contemplating using.
I am looking at a couple of flats in North Somerset both have in the region of 50 years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in North Somerset is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with North Somerset conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a 2 bed flat in North Somerset, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in North Somerset with over 90 years remaining are worth £191,000. The ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2077
With just 53 years remaining on your lease we estimate the premium for your lease extension to be between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.