I purchased a freehold residence in Norbiton yet charged rent, why is this and what is this?
It’s unusual for properties in Norbiton and has limited impact for conveyancing in Norbiton 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 creation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
About to place an offer on a leasehold flat in Norbiton. The estate agents assure me that it is standard for flats in Norbiton to have less than 75 years left on the lease. I am getting a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has 70 years left.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 4/12/2018 the requirements read as follows :
For new build properties, the following lease terms are not acceptable:
- The unexpired lease term on a new build flat is less than 125 years
- The unexpired lease term on a new build house is less than 250 years
If the lease cannot be amended to comply with the above, the case cannot proceed. Please advise us immediately where the case cannot proceed.
Contact point as detailed in 1.11b.
How does conveyancing in Norbiton differ for newly converted properties?
Most buyers of new build premises in Norbiton approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is completed. This is because new home sellers in Norbiton usually 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 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 used to new build conveyancing in Norbiton or who has acted in the same development.
In surfing the world wide web for the phrase conveyancing in Norbiton it brings up many property lawyersin the vicinity. How do I determine which is the right property lawyer for my move?
The best method of seeking a suitable conveyancer is via trusted testimonial, so enquire of colleagues and those you trust who have purchased a property in Norbiton or a local estate agent or financial adviser. Charges for conveyancing in Norbiton differ, so it's sensible to obtain a minimum of four estimates from varying types of law firms. Dont forget to clarify that the charges are assured not to to be inflated.
Online research suggests that Norbiton solicitors are more expensive than licensed conveyancers in Norbiton when it comes to purchasing a property. So is it better if I use a conveyancer or a solicitor where I am buying a property in Norbiton.
When it comes to conveyancing in Norbiton the costs are unlikely to vary dramatically depending on whether the legal expert is a licenced conveyancer or solicitor.