I own a freehold property in Wedmore but nevertheless invoiced for rent, why is this and what is this?
It is rare for properties in Wedmore and has limited impact for conveyancing in Wedmore 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
When it comes to lenders such as Bank of Ireland, do Wedmore property lawyers face a fee to be on the list of approved solicitors?
We are unaware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.
We are getting the release of further monies on our mortgage from HSBC as we wish to conduct renovations to our house in Wedmore. Do we need to select a bricks and mortar Wedmore solicitor on the HSBC conveyancing panel to handle the paperwork?
HSBC don't usually appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the HSBC panel.
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Wedmore solicitor - who is on the Barclays conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Barclays will need an independent valuation of the property. Your lawyer will not arrange this. Usually Barclays 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. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Wedmore postcode. As you are getting a mortgage with Barclays, you could contact them to see if they have a list of approved surveyors in Wedmore.
We are selling our home in Wedmore and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. A local conveyancer would know this is not the case. It does beg the question why the purchasers used a national conveyancing outfit as opposed to a conveyancing solicitor in Wedmore. Having lived in Wedmore for three years we know that this is a non issue. Do we get in touch with our local Authority to get clarification that there is no issue.
It would appear that you have a conveyancing solicitor currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
I am looking for a leasehold apartment up to £305k and identified one round the corner in Wedmore I like with open areas and railway links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Wedmore in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan that many years will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I have been advised by a few estate agents in Wedmore to locate a conveyancer on your site. Is there a financial advantage for Estate Agents to market your site ahead of another?
We don’t offer any commission for pointing buyers and sellers our way. We found it would be just too difficult a fee as a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I am expecting to exchange on the purchase a property in Wedmore but as a consequence of wreckage from the recent storms I have negotiated reparation from the seller of £2k in the form of a reduction in the price. This was going to be addressed as part of the conveyancing process but my mortgage company will not agree to this. Should they have been informed?
Any solicitor listed on a lender approved list is obliged to inform the bank of any amendments to the purchase amount. If you were to refuse your conveyancer to notify the reduction to your bank then they would have to refrain from acting for you and the bank.