I purchased a freehold premises in Williton but still pay rent, why is this and what is this?
It’s unusual for properties in Williton and has limited impact for conveyancing in Williton 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 post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I'm buying a new build house in Williton with the aid of help to buy. The sellers refused to reduce the amount so I negotiated 6k of additionals instead. The house builders rep suggested that I not reveal to my solicitor about this extras as it would affect 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've recently found out that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Williton is where the house is located. Is there any advice you can give?
Flying freeholds in Williton are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Williton you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Williton 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 premises.
In sourcing the world wide web for the words cheap conveyancing in Williton it shows results of numerous property lawyerslocally. With so much choice what is the best way to find the right conveyancing solicitor for purchase transaction?
The preferential method of choosing a suitable conveyancer is via personal recommendation, so ask friends and those you trust who have purchased a property in Williton or the reputable estate agent or mortgage broker. Charges for conveyancing in Williton differ, so it's sensible to obtain a minimum of three estimates from varying types of law firms. Make sure that you clarify that the fees are fixed.
Planning to complete next month on a basement flat in Williton. Conveyancing lawyers assured me that they report fully within the next couple of days. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Williton should include some of the following:
-
Advice as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder enjoys What options are open to you if a neighbour is in violation of a provision in their lease? You would want to receive a copy of the lease Does the lease prevent you from renting out the property, or having a home office for business Where does the liability rest to repair and maintain the block. It is important for you to know who is duty bound to repair and maintenance of every part of the building
I inherited a garden flat in Williton, conveyancing was carried out March 2005. Can you work out an approximate cost of a lease extension? Similar properties in Williton with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2090
With 65 years left to run the likely cost is going to range between £13,300 and £15,400 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
I require the services of a lender panel solicitor in Williton. Can you assist?
Unfortunately it’s not apparent why you need a Williton panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the bank to find out which solicitors in Williton are on their panel . If you do find such a firm in Williton not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site