The loan offer from HSBC for the remortgage of my 3 bedroom apartment is coming within the next few days. Are you able to put forward a low cost conveyancing practitioner in Cheddar?

You are on the wrong site if you are in need of the lowest fares for conveyancing solicitors in Cheddar. Our goal is to offer value for money conveyancing but we do not work with the cheapest lawyers. Do not be seduced by organisations offering the bait of £99 conveyancing in Cheddar. Optimistically, in going for cheap conveyancing, you will end up with what you pay for and at worst you will end up invoiced for extras and still not get the service required.

I own a freehold property in Cheddar but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Cheddar and has limited impact for conveyancing in Cheddar 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 new rentcharges from 1977 onwards.

Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.

How does conveyancing in Cheddar differ for newly converted properties?

Most buyers of new build premises in Cheddar contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the property is built. This is because builders in Cheddar tend to buy 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 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 accustomed to new build conveyancing in Cheddar or who has acted in the same development.

I have been on the look out for a flat up to £235,500 and identified one near me in Cheddar I like with open areas and station nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Cheddar in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?

Should you need a home loan the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.

In relation to leasehold conveyancing in Cheddar what are the most frequent lease problems?

There is nothing unique about leasehold conveyancing in Cheddar. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:

Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Royal Bank of Scotland, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to provide security, obliging the purchaser to pull out.

Leasehold Conveyancing in Cheddar - Sample of Queries before Purchasing

What is the the remaining lease term? How much is the ground rent and service charge? Plenty Cheddar leasehold flats will have a service bill for the upkeep of the building set by the freeholder. Where you buy the property you will have to meet this amount, normally periodically accross the year. This may vary from two or three hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a rentcharge to be met yearly, normally this is not a significant sum, say about £50-£100 but you need to enquire it because on occasion it could be many hundreds of pounds.