I was informed yesterday by my mortgage broker that my Woburn solicitor is not on the bank Conveyancing panel. How can I be sure that this is correct?
The first thing you need to do is to contact your Woburn conveyancer. It is reasonable to expect your lawyer to advise you what has happened. If they are not on the panel they may be able to suggest a Woburn conveyancing practice that is on the approved list of lawyers for your lender.
I own a freehold residence in Woburn but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Woburn and has limited impact for conveyancing in Woburn 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 establishment of fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
What does a local search reveal concerning the property we're buying in Woburn?
Woburn conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company for instance Searches UK The local search plays an important part in most Woburn conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.
My partner has encouraged me to use his conveyancing solicitors in Woburn. Do I follow his recommendation?
No doubt the ideal way to select a conveyancing solicitor is to get referrals from friends or relatives who have actually used the conveyancer you're considering.
I today plan to offer on a house that appears to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently discovered that it's a leasehold rather than freehold. I would have thought that there are particular concerns purchasing a leasehold house in Woburn. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Woburn are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Woburn in which case you should be shopping around for a Woburn conveyancing practitioner and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be entirely free to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your lawyer should report to you on the legal implications.
I own a garden flat in Woburn, conveyancing was carried out January 2008. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Woburn with an extended lease are worth £222,000. The ground rent is £50 yearly. The lease terminates on 21st October 2091
With only 70 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use the figures 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 should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.