I am the registered owner of a freehold premises in Somerset yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Somerset and has limited impact for conveyancing in Somerset 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 creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
3 months have gone by following my purchase conveyancing in Somerset concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Taking into account that I will soon spend hundreds of thousands of pounds on a garden flat in Somerset I wish to have a conversation with the lawyer concerning thehouse move prior to giving the go ahead to the firm. Can this be arranged?
This is something that we encourage - we would be delighted to talk to you we do not take any clients on without you speaking to the solicitor who will be doing your property ownership legalities in Somerset.There is no ‘factory style conveyancing’ - each client is unique individual, not a case number. The solicitors that we put you in touch with believe that the figure you are quoted for residential conveyancing in Somerset should be the amount on the final invoice that you end up paying.
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £425,000 garden flat in Somerset in 8 days. The managing agents has quoted £300 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge such fees for a flat conveyance in Somerset?
Somerset conveyancing on leasehold maisonettes more often than not involves the purchaser’s lawyer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to answer these enquiries the majority will be content to assist. They are at liberty to invoice a reasonable administration fee for answering questions or supplying documentation. There is no set fee. The average costs for the information that you are referring to is £350, in some cases it is above £800. The management information fee demanded by the landlord must be sent together with a synopsis of rights and obligations in respect of administration charges, without which the charge is technically not due. Reality however dictates that you have little option but to pay whatever is requested of you should you wish to complete the sale of your home.
I acquired a ground floor flat in Somerset, conveyancing having been completed December 2003. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Somerset with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2073
With only 55 years unexpired the likely cost is going to range between £31,400 and £36,200 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
Do I have to pop into the offices of the lender conveyancing panel solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Somerset as it will be easier to attend their offices if required.
As opposed to twenty years ago, most lenders no longer require their conveyancing panel solicitor to witness the borrowers signature. You will still be obliged to provide ID Documents and there are still distinct advantages to using a local solicitor, in your case a conveyancing solicitor in Somerset.