My relative recommended that if I am purchasing in Rye I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?

This is a search is sometimes included in the estimate for your Rye conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Rye around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Rye.

It has been 3 months since my purchase conveyancing in Rye took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £215,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

How does conveyancing in Rye differ for newly converted properties?

Most buyers of new build residence in Rye contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Rye 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 used to new build conveyancing in Rye or who has acted in the same development.

Due to the guidance of my in-laws I had a survey completed on a house in Rye before appointing lawyers. I have been told that there is a flying freehold element to the house. My surveyor has said that some lenders tend refuse to grant a loan on a flying freehold house.

It varies from the lender to lender. Santander has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Rye. Conveyancing will be smoother if you use a solicitor in Rye especially if they regularly deal with such properties in Rye.

I am attracted to a two flats in Rye both have in the region of 50 years remaining on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Rye is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Rye conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Rye Leasehold Conveyancing - Examples of Queries before Purchasing

Many Rye leasehold flats will incur a service bill for the upkeep of the block invoiced on behalf of the management company. Where you buy the property you will have to pay this liability, normally quarterly throughout the year. This could be anything from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a rentcharge for you to pay annual, ordinarily this is not a large figure, say approximately £50-£100 but you need to check as on occasion it can be surprisingly expensive. What restrictions are there in the Rye Lease? It would be sensible to enquire if the the lease contains any onerous restrictions in the lease. For instance it is very common in Rye leases that pets are not allowed in certain buildings in Rye. If you like the propertyin Rye but your cat can’t live with you then you will be presented with a hard choice.