I purchased a freehold premises in Wells yet pay rent, why is this and what is this?
It is rare for properties in Wells and has limited impact for conveyancing in Wells 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 hundreds of years, but the Rent Charge Act 1977 barred the generation 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 after 2037 will be dispensed with completely.
We had appointed conveyancers locally in Wells on the Skipton solicitor panel. They are now charging me a further amount for the legal aspects of the Skipton mortgage. Is this a supplemental conveyancing fee specified by Skipton?
Provided it is contained in their Terms of Engagement or estimate then yes your property lawyer may levy a fee for this. This charge is not dictated by Skipton but by your Wells conveyancing practitioner. Some firms on the Skipton panel will quote ’dealing with mortgage’ fee but many practices include it on their overall fee.
I have today made my last payment due on my mortgage with Leeds Building Society. I assume I don't need a Wells lawyer on the Leeds Building Society panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Leeds Building Society mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Leeds Building Society mortgage from the register. Leeds Building Society, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Leeds Building Society has sent the Land Registry the discharge electronically, and
- Leeds Building Society has instructed the Land Registry to do so
After shopping around on the internet I have found a Wells lawyer having checked that they are on the Yorkshire BS conveyancing panel. Does my lawyer arrange the survey of the property?
Yorkshire BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Yorkshire BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Wells surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
How does conveyancing in Wells differ for newly converted properties?
Most buyers of new build residence in Wells approach us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Wells usually purchase the site, 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 property lawyers 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 Wells or who has acted in the same development.
I am using a search engine for the phrase cheap conveyancing in Wells it shows results of many conveyancersin the vicinity. With so much choice what is the best way to find the right conveyancer for purchase transaction?
The best method of finding the right conveyancer is via personal testimonial, so ask colleagues and relatives who have purchased a property in Wells or the reputable estate agent or financial adviser. Fees for conveyancing in Wells differ, so it's sensible to request a minimum of four fee calculations from different solicitors. Make sure that you know what costs in the quote includes.
I have recently realised that I have 72 years remaining on my lease in Wells. I need to get lease extension but my landlord is absent. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have made all reasonable attempts to find the freeholder. In some cases an enquiry agent may be helpful to conduct investigations and to produce an expert document to be used as evidence that the landlord can not be located. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s absence and the application to the County Court overseeing Wells.
I invested in buying a 2 bed flat in Wells, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Wells with a long lease are worth £192,000. The ground rent is £55 levied per year. The lease finishes on 21st October 2072
You have 54 years unexpired we estimate the price of your lease extension to be between £32,300 and £37,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.