I own a freehold premises in Southmead but nevertheless pay 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 many centuries, but the Rent Charge Act 1977 barred the generation of new 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 post 2037 is to be dispensed with completely.
The deeds to my home are lost. The solicitors who dealt with the conveyancing in Southmead 5 years ago no longer exist. What do I do?
Nowadays there are copies made of almost everything, and your solicitor should know exactly where to locate all the relevant documentation so you may buy or dispose of your house without any difficulty. If duplicates are not available, your conveyancer can put in place insurance or indemnities protecting you against possible claims on the premises.
How does conveyancing in Southmead differ for new build properties?
Most buyers of new build premises in Southmead approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in Southmead 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 conveyancing solicitors 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 Southmead or who has acted in the same development.
I opted to have a survey done on a house in Southmead before appointing lawyers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some lenders will not give a mortgage on a flying freehold property.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Southmead. Conveyancing will be smoother if you use a solicitor in Southmead especially if they are familiar with such properties in Southmead.
Is there a difference between surveying and conveyancing in Southmead?
Conveyancing - in Southmead or anywhere in England and Wales - is the legal term given to transferring legal title of property from one person to another. It therefore includes the investigation of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you’re purchasing and will help you discover the condition of the building and, if there are problems, give you leverage for negotiating the buying price down or asking the vendor to remedy the defects before you complete your move.