I own a freehold property in Fratton and Portsea yet pay rent, why is this and what is this?
It is rare for properties in Fratton and Portsea and has limited impact for conveyancing in Fratton and Portsea 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 establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Does a directory service exist listing TSB panel conveyancers in Fratton and Portsea on the Building Society Association’s Website?
No. There is no such facility on the CML or Building Society Association sites. Very few lending institutions make their panel listings visible on the web. If you are seeking to appoint a Fratton and Portsea solicitor on the TSB please use our tool.
Co-operative have agreed my mortgage in principle, my offer on a apartment in Fratton and Portsea has been agreed to, now what?
The property agent will wish to be advised as to your conveyancing practitioner's details (ensure that the property lawyers are on the bank’s approved list). Call up Co-operative or your broker and finalise any relevant documentation. Co-operative will sellect a valuer who will get in touch with the estate agent or owners to arrange a slot for the valuation to happen. Once conducted (assuming no problems) it takes approximately ten days to receive the mortgage offer. Co-operative will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Fratton and Portsea.
At last I have had an offer on an apartment in Fratton and Portsea accepted, but there is a chain. The owners have put an offer on a property, but it’s not yet tied up, and have viewings of other flats in the pipeline. I have instructed a nearby conveyancing solicitor in Fratton and Portsea. What should be my next step? When do I get the mortgage application with Barclays started?
It is usual to have anxieties where there is a chain as you are unlikely to want to incur costs prematurely (home loan application is in the region of one thousand pounds, then survey, Fratton and Portsea conveyancing search charges, etc). First, you must ensure that your conveyancer is on the Barclays approved list. As to the next steps this very much depends on the circumstances of your transaction, motivation for the property and on the state of the market. In a buoyant market the majority of purchasers will apply for the mortgage with Barclays and arrange for the valuation and only if it was satisfactory would they ask their lawyer to press on with the conveyancing in Fratton and Portsea.
How does conveyancing in Fratton and Portsea differ for newly converted properties?
Most buyers of new build premises in Fratton and Portsea contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Fratton and Portsea typically buy the land, 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 conveyancers 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 Fratton and Portsea or who has acted in the same development.
In searching the web for the phrase on line conveyancing in Fratton and Portsea it shows results of many property lawyersin the area. With so much choice what is the best way to find the right solicitor for purchase transaction?
The best way of seeking a suitable conveyancer is via trusted referral, so seek the counsel of friends and family who have purchased a property in Fratton and Portsea or the respected estate agent or mortgage broker. Charges for conveyancing in Fratton and Portsea differ, so it's sensible to obtain at least three costs illustrations from different companies. Be sure to obtain confirmation what costs in the quote includes.
I've found a house that seems to tick a lot of boxes, at a great figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Fratton and Portsea. Conveyancing advisers have are soon to be instructed. Will they explain the issues?
The majority of houses in Fratton and Portsea are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Fratton and Portsea so you should seriously consider looking for a Fratton and Portsea conveyancing practitioner and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the landlord’spermission to carry out alterations. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer will report to you on the legal implications.
I acquired a garden flat in Fratton and Portsea, conveyancing formalities finalised 5 years ago. 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? Equivalent flats in Fratton and Portsea with over 90 years remaining are worth £191,000. The ground rent is £55 levied per year. The lease terminates on 21st October 2079
You have 53 years unexpired we estimate the premium for your lease extension to span between £27,600 and £31,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.