I own a freehold residence in Calcot and Tilehurst but still pay rent, why is this and what is this?
It is rare for properties in Calcot and Tilehurst and has limited impact for conveyancing in Calcot and Tilehurst 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 creation 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 is to be dispensed with completely.
Should my lawyer be raising questions about flooding as part of the conveyancing in Calcot and Tilehurst.
Flooding is a growing risk for lawyers conducting conveyancing in Calcot and Tilehurst. There are those who acquire a property in Calcot and Tilehurst, fully aware that at some time, it may suffer from flooding. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken during the course of a property purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, but there are a numerous searches that can be undertaken by the purchaser or by their solicitors which will figure out the risks in Calcot and Tilehurst. The standard information supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a usual question of the seller to discover if the property has suffered from flooding. If the premises has been flooded in past which is not notified by the seller, then a buyer may issue a compensation claim stemming from an misleading answer. The buyer’s conveyancers may also carry out an environmental report. This should higlight if there is any known flood risk. If so, further inquiries should be conducted.
How does conveyancing in Calcot and Tilehurst differ for newly converted properties?
Most buyers of new build or newly converted property in Calcot and Tilehurst come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Calcot and Tilehurst typically acquire the real estate, 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 Calcot and Tilehurst or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a straight forward, no chain conveyancing. Calcot and Tilehurst is where the house is located. Is there any advice you can give?
Flying freeholds in Calcot and Tilehurst are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Calcot and Tilehurst you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Calcot and Tilehurst 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 property.
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At this site obtain an accurate costs illustration from a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Calcot and Tilehurst. As opposed to estate agents and many comparison sites we do not charge firms a commission if you instruct them for your conveyancing in Calcot and Tilehurst