I am the registered owner of a freehold premises in Potswood but still charged rent, why is this and what is this?
It’s unusual for properties in Potswood and has limited impact for conveyancing in Potswood 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 date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Is it the case that all Potswood solicitor firms on the Virgin Money conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Virgin Money approved list of solicitors they would need to be overseen by the Solicitors Regulatory Authority. Some mortgage companies do allow licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
I am buying a property in Potswood. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Coventry BS be concerned?
As you are obtaining a mortgage with Coventry BS your lawyer must check the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Coventry BS. The CML Handbook contains minimum provisions for solar panel roof-space leases, and lawyers are required to report to Coventry BS where a lease fails to comply with these provisions. The requirements relate to the installation of panels on properties nationwide and is not isolated to Potswood.
Completion of my purchase has taken place for my property in Potswood. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?
All lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Care Team at head office. We understand that complaints to a lender are resolved very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service with full details of your complaint.
Should my lawyer be making enquiries regarding flooding during the conveyancing in Potswood.
Flooding is a growing risk for lawyers dealing with homes in Potswood. There are those who purchase a property in Potswood, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a number of searches that can be initiated by the purchaser or by their solicitors which will give them a better appreciation of the risks in Potswood. The standard property information forms sent to a buyer’s solicitor (where the Conveyancing Protocol is adopted) includes a standard question of the seller to find out if the property has historically flooded. If flooding has previously occurred which is not notified by the owner, then a buyer could issue a compensation claim stemming from an misleading response. The purchaser’s conveyancers should also conduct an environmental search. This will indicate whether there is a recorded flood risk. If so, more detailed inquiries will need to be made.
2 months have gone by following my purchase conveyancing in Potswood took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Potswood is where the house is located. What do you suggest?
Flying freeholds in Potswood are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Potswood you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Potswood may determine 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.
I am tempted by the attractive purchase price for a two maisonettes in Potswood both have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Potswood is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and banks, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Potswood conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.
Potswood Conveyancing for Leasehold Flats - Sample of Questions you should consider Prior to Purchasing
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Be sure to discover if the the lease contains any onerous restrictions in the lease. By way of example plenty of leases prohibit pets being permitted in certain buildings in Potswood. If you love the propertyin Potswood but your cat is not allowed to move with you then you will be faced hard choice. Please note if it is no more than eighty years it will impact the value of the property. It is worth checking with your bank that they are content with the length of the lease. Leases with fewer than 80 years remaining means that you will almost definitely require a lease extension at some point and you need to have some idea of how much this would cost. For most Potswoodlease extensions you will be be obliged to have owned the premises for a couple of years before you are legally able to exercise a lease extension.