I own a freehold residence in Aberystwyth yet charged rent, why is this and what is this?
It’s unusual for properties in Aberystwyth and has limited impact for conveyancing in Aberystwyth 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 new 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 in 2037 will be extinguished.
I am buying a house and require a conveyancing solicitor in Aberystwyth who is on the Barclays Direct conveyancing. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Barclays Direct in certain locations such as Aberystwyth. We dont recommend any particular firm.
Various internet forums that I have frequented warn that are a common cause of obstruction in Aberystwyth conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of delays in the conveyancing process. Searches are not likely to feature in any slowing down conveyancing in Aberystwyth.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Aberystwyth is the location of the property. What do you suggest?
Flying freeholds in Aberystwyth are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Aberystwyth you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aberystwyth may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I am looking for a conveyancing lawyer in Aberystwyth for my home move. Is it possible to check a firm’s complaints history with the profession’s regulator?
Anyone can find presented Solicitor Regulator Association (SRA) determinations resulting from investigations started on or after Jan 2008. Visit Check a solicitor's record. To find records about the period before 1 January 2008, or to check a solicitors history, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, call +44 (0)121 329 6800. The regulator sometimes recorded telephone calls for training purposes.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it more attractive. I have subsequently found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Aberystwyth. Conveyancing solicitors have not yet been instructed. Will my lawyers set out the implications of buying a leasehold house in Aberystwyth ?
The majority of houses in Aberystwyth are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Aberystwyth so you should seriously consider looking for a Aberystwyth conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example requiring the landlord’spermission to carry out alterations. You may also be required to pay a service charge towards the upkeep of the estate where the property is located on an estate. Your lawyer will advise you fully on all the issues.
I invested in buying a 2 bed flat in Aberystwyth, conveyancing having been completed 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Aberystwyth with over 90 years remaining are worth £165,000. The ground rent is £50 invoiced every year. The lease ceases on 21st October 2101
With only 77 years remaining on your lease the likely cost is going to range between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.