I am the registered owner of a freehold premises in Okehampton but still pay rent, why is this and what is this?
It is rare for properties in Okehampton and has limited impact for conveyancing in Okehampton 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 establishment of fresh 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 post 2037 will be dispensed with completely.
How does conveyancing in Okehampton differ for new build properties?
Most buyers of new build property in Okehampton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because house builders in Okehampton usually 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 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 accustomed to new build conveyancing in Okehampton or who has acted in the same development.
I decided to have a survey done on a house in Okehampton before instructing solicitors. I have been told that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will not give a loan on such a house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Nationwide. If you e-mail us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Okehampton. Conveyancing may be slightly more expensive based on your lender's requirements.
Do I need to be concerned that 3rd parties that I am dealing with are suggesting a nationwide conveyancing firm rather than a local Okehampton conveyancing company?
As with lots of service providers, often input from relatives can be worth their weight in gold. But there are numerous players in a conveyancing matter; estate agents, financial adviser and banks may suggest lawyers to instruct. On occasion the solicitors might be known to one of the organisations as experts in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the discretion to appoint your preferred lawyer. Don't forget that some banks have an approved list of solicitors you must use for the lender related work in your home move.
I wish to sublet my leasehold apartment in Okehampton. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your last Okehampton conveyancing solicitor is not around you can check your lease to check if it allows you to sublet the apartment. The accepted inference is that if the lease is non-specific, subletting is permitted. There may be a precondition that you must seek consent from your landlord or some other party in advance of subletting. This means you not allowed to sublet without first obtaining consent. Such consent is not allowed to be unreasonably refused ore delayed. If your lease does not allow you to sublet you will need to ask your landlord for their consent.
Okehampton Conveyancing for Leasehold Flats - A selection of Queries before Purchasing
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Where a Okehampton lease has fewer than 80 years it will affect the value of the apartment. Check with your mortgage company that they are content with the length of the lease. Leases with less than 80 years remaining means that you will probably need a lease extension sooner rather than later and you need to have some idea of how much this would cost. For most Okehamptonlease extensions you would need to own the property for 24 months in order to be legally able to extend the lease. How much is the annual service fee and ground rent? The prefered form of lease arrangement is where the freehold interest is owned by the leaseholders. In this scenario the leaseholders benefit from being in charge if their destiny and even though a managing agent is usually retained if the building is bigger than a house conversion, the managing agent is directed by the tenants.
We are about to buying a apartment in Okehampton. Conveyancing is not over but we would like keep our purchase price private from sites such as Rightmove. How could this be done?
HMLR as a matter of law obliged to specify price sold data on the official title for residential properties countrywide which includes homes in Okehampton. The register of ownership is a public document, so HMLR would be breaking the law excluded specific homes such as the property in Okehampton.
In essence you can make a request of HM Land Registry to withhold the price paid entry however the response would be in the negative.