I am the registered owner of a freehold residence in Southmead but still charged rent, why is this and what is this?
It is rare for properties in Southmead and has limited impact for conveyancing in Southmead 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 fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Will our solicitor be raising enquiries concerning flooding during the conveyancing in Southmead.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Southmead. Some people will buy a house in Southmead, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken during the course of a house purchase to forewarn the buyer.
Conveyancers are not qualified to offer advice on flood risk, however there are a various searches that may be initiated by the buyer or on a buyer’s behalf which should give them a better appreciation of the risks in Southmead. The conventional set of information supplied to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard question of the seller to find out if the premises has historically flooded. In the event that flooding has previously occurred and is not disclosed by the owner, then a buyer may commence a compensation claim as a result of such an misleading answer. A purchaser’s conveyancers will also conduct an enviro search. This should higlight if there is a recorded flood risk. If so, further investigations will need to be conducted.
Due to the input of my in-laws I had a survey completed on a house in Southmead before instructing lawyers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some mortgage companies will not grant a mortgage on a flying freehold house.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to call us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Southmead. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Southmead to see if the conveyancing costs will increase in light of this.
Hoping to buy a property located in Southmead and I am already nervous. I couldn't find anything specific about Southmead. Conveyancing will be needed in due course but do you know about the Southmead area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Southmead. In the meantime here are some basic statistics that we found
Me and my husband are selling a Southmead flat left to us 5 years ago in 2011. I have over ten years conveyancing know-how and, now retired, intend to do the legal work. The purchaser's conveyancer has informed me that their Lenders will not allow you to do your own conveyancing requiring the funds to be transferred to a solicitor's bank account.
Mortgage instructions to solicitors from all mainstream lenders specify that If the seller does not have legal representation the borrower's lawyers should check whether the bank needs to be told so that a decision can be reached as to whether or not they are willing to move forward.