I am need of leasehold conveyancing for a flat in a relatively new development (five years old) in Hotwells. Almost all the appartments are already disposed of. Do I need carry out the local searches for my conveyancing in Hotwells?
If you are purchasing a property with the assistance of a loan, your mortgage company will require some (many) of the searches so you'll have no choice. If not, then Hotwells conveyancing searches are for you to decide upon. Your lawyer, will 'advise', perhaps in the strongest possible terms, that you should not go ahead without searches, but he or she is duty bound in this regard. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you insist that your lawyer to proceed without searches then your lawyer will have to follow your instructions or you may need to find a new lawyer for your conveyancing in Hotwells.
I purchased a freehold property in Hotwells but still charged rent, why is this and what is this?
It’s unusual for properties in Hotwells and has limited impact for conveyancing in Hotwells 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 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 will be extinguished.
How does conveyancing in Hotwells differ for new build properties?
Most buyers of new build premises in Hotwells approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is completed. This is because house builders in Hotwells usually buy 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 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 accustomed to new build conveyancing in Hotwells or who has acted in the same development.