I purchased a freehold property in Raunds but still pay rent, why is this and what is this?
It is rare for properties in Raunds and has limited impact for conveyancing in Raunds 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 creation of fresh rentcharges from 1977 onwards.
Previous 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 husband and I are purchasing a newbuild flat in Raunds with a loan from Virgin Money.We like our Raunds conveyancing solicitor but Virgin Money advised that his firm is not listed on their "panel". we are left little option but to use a Virgin Money panel firm or keep our high street solicitor and pay for a Virgin Money panel lawyer to act for them. We feel as though this is unjust; Can we not simply insist that Virgin Money use our lawyer?
No, not really. The home loan offered to you is subject to its terms and conditions, one of which will be that conveyancers needs to be on the Virgin Money approved list. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Virgin Money
I am the only recipient of my late father’s estate and I have everything in my name alone, including the house in Raunds. Conveyancing formalities meant that the Land Registry date was in December. I want to move. I understand that there is a CML 6 month 'rule', which means that my property ownership could be considered the same way as if I'd bought the property in December. Is the property unsalable for six months?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be caught by that. How practical a view lenders take of it, depend on the mortgage company as this provision primarily exists to identify subsales or the wholesaling and assigning of properties.
We previously selected conveyancers locally in Raunds on the Virgin Money solicitor panel. They have just invoiced me an additional fee for handling the Virgin Money mortgage. Is this a supplemental conveyancing fee set by Virgin Money?
Unfortunately, as long as it is in their Terms of Engagement or Quote then yes your lawyer can charge a fee for this. The charge is not dictated by Virgin Money but by your Raunds solicitor. Some firms on the Virgin Money panel will charge ’dealing with mortgage’ fee and others do not.
How can we tell if a Raunds conveyancing solicitor on the Aldermore panel is any good?
When it comes to conveyancing in Raunds seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always suggest that you speak with the lawyer handling your transaction.
About to purchase a new build flat in Raunds. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Raunds
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Raunds I like with a park and transport links in the vicinity, however it only has 51 remaining years left on the lease. I can't really find anything else in Raunds for this price, so just wondered if I would be making a grave error acquiring a short lease?
If you need a home loan that many years may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
There are only Seventy years left on my lease in Raunds. I now want to get lease extension but my freeholder is can not be found. What should I do?
On the basis that 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 extended by the Court. You will be obliged to prove that you or your lawyers have used your best endeavours to locate the landlord. For most situations an enquiry agent would be helpful to carry out a search and to produce an expert document which can be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Raunds.
Raunds Leasehold Conveyancing - A selection of Queries before Purchasing
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How long is the Lease? What prohibitions are there in the Raunds Lease? Is the freehold owned jointly by the leaseholders?