I own a freehold residence in Abercarn but still pay rent, why is this and what is this?
It’s unusual for properties in Abercarn and has limited impact for conveyancing in Abercarn 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
Having spent time researching online forums for a conveyancing lawyer in Abercarn, most post that I must instruct a CQS accredited solicitor. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in home ownership transfers, trusted by some of the UK's major banks. Four years ago the Conveyancing Quality Scheme was officially recognised by the Building Societies Association (BSA). CQS is not a scheme offered by the Society for Licensed Conveyancers. Abercarn is one of the many areas in England and Wales where there are Accredited lawyers.
I have todayfound out that Action Conveyancing have been shut down. They conducted my conveyancing in Abercarn for a purchase of a leasehold apartment 12 months ago. How can I be sure that the property is in my name in the name of the previous owner?
The easiest way to check if the premises is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Abercarn conveyancing specialists.
How does conveyancing in Abercarn differ for newly converted properties?
Most buyers of new build or newly converted property in Abercarn contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Abercarn tend to acquire 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 Abercarn or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and found one close by in Abercarn I like with amenity areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Abercarn for this price, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan that many years will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
Last February I purchased a leasehold property in Abercarn. Am I liable to pay service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Abercarn Leasehold Conveyancing - A selection of Questions you should ask before buying
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Its a good idea to find out as much as you can about the company managing the building as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you will be in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the tidiness of the common parts. Enquire of other tenants whether they are happy with their service. Finally, investigate as to the dates that the service charges are due to the appropriate party and precisely how they are spending the funds. Most Abercarn leasehold flats will incur a service bill for the upkeep of the building invoiced by the landlord. If you purchase the flat you will have to pay this amount, normally periodically accross the year. This may differ from two or three hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a ground rent to be met annual, this is usually not a exorbitant amount, say around £25-£75 but you need to check as sometimes it can be prohibitively expensive. The best form of lease structure is a share of the freehold. In this scenario the tenants have control and although a managing agent is often retained if the building is larger than a house conversion, the managing agent employed by the leaseholders.