I am the registered owner of a freehold residence in Totterdown yet pay rent, why is this and what is this?
It’s unusual for properties in Totterdown and has limited impact for conveyancing in Totterdown 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 new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
We expect to receive a AIP from Aldermore this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Aldermore recommend any Totterdown solicitors on the Aldermore conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Totterdown solicitors independently although you'll need to choose one on the Aldermore conveyancing panel. The solicitor represents both you and Aldermore through the process.
I currently have a mortgage with RBS for my property in Totterdown. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform RBS?
Your original mortgage agreement with RBS will provide that you need their approval in advance of renting your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact RBS directly. It should not be necessary to do this via a RBS conveyancing panel firm.
I've digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Totterdown solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Totterdown surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
A colleague recommended that if I am purchasing in Totterdown I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Totterdown conveyancing searches. It is not a small report of about 40 pages, listing and setting out significant information about Totterdown around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Totterdown Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Totterdown Education with plans and statistics, Local Amenities and other useful data concerning Totterdown.
How does conveyancing in Totterdown differ for newly converted properties?
Most buyers of new build premises in Totterdown contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is ready to move into. This is because developers in Totterdown tend to purchase the site, 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 conveyancing solicitors 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 Totterdown or who has acted in the same development.
I need to instruct a conveyancing solicitor for some conveyancing in Totterdown. I've land on a web site which appears to be the perfect answer If there is a chance to get all formalities done via phone that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Due to complete next month on a leasehold property in Totterdown. Conveyancing lawyers assured me that they will have a report out to me within the next couple of days. What should I be looking out for?
Your report on title for your leasehold conveyancing in Totterdown should include some of the following:
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What options are open to you if an adjoining owner is in violation of a provision in their lease? Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? How long the lease is. You should be advised as what happens when the lease expires, and aware of the importance of not letting the lease term falling below eighty years You should have a good understanding of the insurance requirements Repair and maintenance of the flat
Totterdown Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
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Make sure you discover if there are any onerous restrictions in the lease. For instance it is reasonably common in Totterdown leases that pets are not permitted in in a block in Totterdown. If you like the apartmentin Totterdown however your cat can’t live with you then you will be presented with a hard compromise. How much is the yearly maintenance fee and ground rent? Its a good idea to find out as much as you can concerning the company managing the block as they can either make your life much easier or problematic. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the cleanliness of the common parts. Ask other tenants what they think of them. Finally, be sure you understand the dates that the service fees are due to the appropriate party and precisely what you get for your money.