I am the registered owner of a freehold residence in Ampthill but still charged rent, why is this and what is this?

It is rare for properties in Ampthill and has limited impact for conveyancing in Ampthill 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 generation of new rentcharges from 1977 onwards.

Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.

What is the best way to discover of the solicitor conducting my conveyancing in Ampthill is on the lender’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for National Westminster Bank thus paying £192.00 in another set of legal invoice.

Please do take advantage of the find a conveyancing panel solicitor tool on this web page. Please choose the lender and type ‘Ampthill’ or your preferred area and you will be presented with a number of lawyer based in Ampthill or nearest you.

I am purchasing my first flat in Ampthill with a mortgage from National Westminster Bank. The builders refused to budge the price so I negotiated 6k of additionals instead. The estate agent suggested that I not disclose to my conveyancer about this side-deal as it would jeopardize my mortgage 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.

What are the frequently found defects that you come across in leases for Ampthill properties?

Leasehold conveyancing in Ampthill is not unique. All leases are drafted differently and drafting errors can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

Maintenance charge proportions which don’t add up to the correct percentage A duty to insure the building

You may encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to pull out.

Leasehold Conveyancing in Ampthill - Examples of Queries before Purchasing

It would be prudent to discover as much as you can regarding the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day matters such as the upkeep of the communal areas. Ask prospective neighbours if they are happy with their service. In conclusion, investigate as to the dates that the maintenance fees are due to the appropriate party and specifically what you get for your money. On the whole the cost for major works tend not to be wrapped into the service charges, albeit that some managing agents in Ampthill ask leasehold owners to pay into a sinking fund and this is used to offset against larger repairs or maintenance. Please tell me if there are any major works in the planning that will increase the service fees?

What can I do to find out who is the owner of a house in Ampthill?

On the basis that the property is recorded at the Land Registry, and you have enough details of the address of the premises, you should be able to view results from the HM Land Registry of the registered owner for a for less than a fiver.