We are buying our first property. Our property lawyer has texted usto see if we would like to take out supplemental conveyancing searches. As novices we have no idea as to what's recommended for conveyancing in Longbenton
The number and type of Longbenton conveyancing searches should be triggered based primarily on the property, the location, the probability of any of these risks, your familiarity of the locality and risks, your overall approach to risk. What is important is that you adequately understand what information each search could give you. You may then decide if you personally think you need that information. Where you are uncertain, ask the solicitor to advise.
I am the registered owner of a freehold house in Longbenton but nevertheless charged rent, why is this and what is this?
It is rare for properties in Longbenton and has limited impact for conveyancing in Longbenton 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 hundreds of years, 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 extinguished.
How does conveyancing in Longbenton differ for newly converted properties?
Most buyers of new build residence in Longbenton approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is constructed. This is because developers in Longbenton typically purchase 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 conveyancers 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 accustomed to new build conveyancing in Longbenton or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one close by in Longbenton I like with a park and transport links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Longbenton for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a mortgage the shortness of the lease will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
What does commercial conveyancing in Longbenton cover?
Longbenton conveyancing for business premises covers a broad array of guidance, provided by regulated solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.