I am the registered owner of a freehold property in Saxmundham but still pay rent, why is this and what is this?
It’s unusual for properties in Saxmundham and has limited impact for conveyancing in Saxmundham 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 hundreds of years, but the Rent Charge Act 1977 barred the creation 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 in 2037 is to be dispensed with completely.
Our lender has suggested solicitors on their panel based in Saxmundham but I would rather instruct a conveyancing lawyer in Saxmundham or nearer to where I live. Are you able to help?
Not all Saxmundham conveyancing solicitors are on all lender’s conveyancing panel. Do make use of the above search tool to locate a Saxmundham conveyancing solicitor on the on the lender panel.
Can I be sure that the Saxmundham conveyancing solicitor on the Principality panel is any good?
When it comes to conveyancing in Saxmundham 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 solicitor handling your transaction.
I can not fathom if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Saxmundham building society branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Saxmundham conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend based on their published requirements. Who do I believe?
As long as the property lawyer is on the bank panel, they must adhere to the Council of Mortgage Lenders’ Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
About to purchase maisonette in Saxmundham. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the HSBC conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Saxmundham conveyancing practitioner is on the HSBC conveyancing panel.
It has been 3 months following my purchase conveyancing in Saxmundham concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. 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 am buying my first flat in Saxmundham benefiting from help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative told me not to tell my lawyer about the side-deal as it may jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am tempted by the attractive purchase price for a couple of maisonettes in Saxmundham both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Saxmundham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. For most purchasers and lenders, leases with under eighty years become less and less marketable. 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 premises 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 Saxmundham 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 any new 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 acquired a leasehold flat in Saxmundham, conveyancing was carried out in 1999. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Saxmundham with over 90 years remaining are worth £206,000. The average or mid-range amount of ground rent is £45 yearly. The lease terminates on 21st October 2090
With just 65 years unexpired we estimate the price of your lease extension to span between £13,300 and £15,400 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.