I purchased a freehold property in Bassaleg yet pay rent, why is this and what is this?
It is rare for properties in Bassaleg and has limited impact for conveyancing in Bassaleg 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 fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am considering applying for a Barclays mortgage for purchase of a newly converted (under development) in Bassaleg with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?
In theory, you could use a solicitor that is not on the Barclays conveyancing panel, but Barclays would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
A colleague recommended that where I am buying in Bassaleg I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually included in the estimate for your Bassaleg conveyancing searches. It is a large document of about 40 pages, listing and detailing significant information about Bassaleg around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Bassaleg Education with maps and statistics, Local Amenities and other useful data concerning Bassaleg.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a simple, no chain conveyancing. Bassaleg is where the house is located. Can you shed any light on this issue?
Flying freeholds in Bassaleg are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bassaleg you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bassaleg may determine 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.
Do you have any top tips for leasehold conveyancing in Bassaleg from the perspective of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Bassaleg can be avoided if you get in touch lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers’ lawyers. Some Bassaleg leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their solicitors. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled. If you have the benefit of shareholding in the Management Company, you should ensure that you hold the original share certificate. Organising a duplicate share certificate can be a lengthy formality and slows down many a Bassaleg conveyancing transaction. Where a new share is needed, do contact the company director and secretary or managing agents (if relevant) for this sooner rather than later.
I am the registered owner of a split level flat in Bassaleg, conveyancing formalities finalised March 2006. Can you work out an approximate cost of a lease extension? Comparable properties in Bassaleg with a long lease are worth £265,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2100
With just 75 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
What is the reason for new build conveyancing in Bassaleg being more expensive?
Conveyancing in Bassaleg for newly converted or new build homes usually involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as further questions and contractual concerns.