My wife and I have lately acquired a property in Rusholm. We have noticed several problems with the house which we consider were missed in the conveyancing searches. What action can we take? Can you clarify the type of searches that needed to have been conducted for conveyancing in Rusholm?
It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Rusholm. Conveyancing searches and investigations initiated during the legal transfer of property are supposed to help avoid problems. As part of the process, a property owner completes a questionnaire called a SPIF. If the information turns out to be misleading, then you may have a claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Rusholm.
I am the registered owner of a freehold premises in Rusholm yet pay rent, why is this and what is this?
It’s unusual for properties in Rusholm and has limited impact for conveyancing in Rusholm 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
A colleague suggested that where I am purchasing in Rusholm I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Rusholm conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Rusholm around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Rusholm Education with maps and statistics, Local Amenities and other useful information about Rusholm.
How does conveyancing in Rusholm differ for newly converted properties?
Most buyers of new build premises in Rusholm come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Rusholm usually 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 Rusholm or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £245,000 and identified one near me in Rusholm I like with open areas and transport links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Rusholm in this price bracket, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you may request that they start the process of the extension 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 consult your conveyancing lawyer about this.