I purchased a freehold residence in Babbacombe yet charged rent, why is this and what is this?
It is rare for properties in Babbacombe and has limited impact for conveyancing in Babbacombe 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 generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am assisting my sister sell her house in Babbacombe. Will the conveyancer order the energy performance certificate or should I organise this?
Following the demise of Home Packs, EPC’s was kept a required component of selling a house. An energy assessment should be to hand in advance of the property being advertised. This is not something that solicitors normally organise. If you are using a Babbacombe conveyancing lawyer they may help arrange energy assessments given their relationships with reputable Babbacombe assessors
I'm the only recipient of my late mum's estate with all property in now in my sole name, including the my former home in Babbacombe. The Babbacombe property was put into my name in September. I plan to dispose of the property. I understand that there is a CML 6 month 'rule', meaning my property ownership will be regarded the same way as though I had purchased the house in September. Do I have to wait half a year to sell?
The CML handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be impacted by that. many banks would take a sensible view as this provision is chiefly there to capture subsales or the flipping of properties.
I had an offer accepted on an apartment in Babbacombe on 7/9/2021, valuation was booked 4 days after, received a clean bill of health. Property lawyer retained, so all that was missing was my mortgage offer. Having made daily calls to Kent Reliance and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Kent Reliance conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Kent Reliance to deal with your lawyer's application to be on the Kent Reliance conveyancing panel. There's no guarantee that your solicitor will be accepted.
Will commercial conveyancing searches reveal impending roadworks that could impact a commercial site in Babbacombe?
Its becoming the norm that commercial conveyancing solicitors in Babbacombe will order a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Babbacombe. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Babbacombe.
For every commercial conveyancing transaction in Babbacombe it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Babbacombe commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Babbacombe.
Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in Babbacombe I like with a park and transport links nearby, however it only has 49 remaining years left on the lease. There is not much else in Babbacombe in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a mortgage the shortness of the lease will likely be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I am employed by a reputable estate agent office in Babbacombe where we see a few leasehold sales derailed due to short leases. I have received inconsistent advice from local Babbacombe conveyancing solicitors. Please can you confirm whether the vendor of a flat can instigate the lease extension formalities for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the sale.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Babbacombe Leasehold Conveyancing - Examples of Questions you should consider Prior to Purchasing
Who are the managing agents? Are any of leasehold owners in arrears of their service charge liability?