I own a freehold premises in Brynmawr but nevertheless charged rent, why is this and what is this?
It is rare for properties in Brynmawr and has limited impact for conveyancing in Brynmawr 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 creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when acquiring a house in Brynmawr?
Unless a prior acquisition of the house took place post 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Brynmawr to remain encouraging a chancel search and or chancel repair liability policy.
I decided to have a survey carried out on a property in Brynmawr before retaining lawyers. I have been advised that there is a flying freehold element to the house. My surveyor has said that some mortgage companies tend not issue a loan on this type of house.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. If you call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Brynmawr. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Brynmawr to see if the conveyancing costs will increase in light of this.
I have been recommended by a number of selling agents in Brynmawr to locate a property lawyer using your seach tool. Is there a financial inducement for Estate Agents to promote your lawyers over a competitor’s?
We don’t make any commission for sending work in our direction. We found it would be just too difficult to pay a commission as members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am attracted to a couple of flats in Brynmawr both have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Brynmawr is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Brynmawr 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 any new 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.
Leasehold Conveyancing in Brynmawr - A selection of Queries Prior to Purchasing
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Please note that where the lease has no more than eighty years it will affect the salability of the apartment. It is worth checking with your bank that they are willing to lend given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and it is worth discovering how much this will be. Remember, in most cases you will be be obliged to have owned the residence for a couple of years in order to be legally able to exercise a lease extension. Who are the managing agents? It is important to be aware if redecorating or some other major work is pending that will be shared amongst the leasehold owners and will dramatically increase the the service fees or necessitate a one off payment.
I have today placed an offer on an apartment in Brynmawr and the mortgage adviser that we are using suggested his solicitor. She quoted nine hundred pounds including VAT and 3rd party costs. Does this sound steep?
You should not rely on one quote. One should obtain like-for-like quotes for your conveyancing in Brynmawr. Then choose one that you are comfortable with and crucially, is on the approved panel of the bank that you are sourcing your mortgage from.