I own a freehold property in Brecon yet charged rent, why is this and what is this?
It is rare for properties in Brecon and has limited impact for conveyancing in Brecon 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 have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Will my lawyer be asking questions concerning flooding during the conveyancing in Brecon.
The risk of flooding is if increasing concern for solicitors dealing with homes in Brecon. There are those who purchase a property in Brecon, fully aware that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not qualified to offer advice on flood risk, but there are a number of searches that can be undertaken by the purchaser or on a buyer’s behalf which will figure out the risks in Brecon. The conventional set of completed inquiry forms sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the owner to find out whether the premises has suffered from flooding. In the event that flooding has previously occurred which is not revealed by the seller, then a buyer may commence a legal claim for losses resulting from an inaccurate reply. The buyer’s conveyancers should also commission an environmental search. This will disclose whether there is any known flood risk. If so, more detailed inquiries will need to be made.
I have justdiscovered that Wolstenholmes have closed. They carried out my conveyancing in Brecon for a purchase of a freehold house 18 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The quickest way to see if the property is registered to you, 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 Brecon conveyancing specialists.
I am using a search engine for the term conveyancing in Brecon it brings up numerous conveyancerslocally. With so much choice what is the best way to find the right conveyancer for my move?
The best method of choosing the right conveyancer is through a personal testimonial, so ask colleagues and relatives who have bought a property in Brecon or the local estate agent or financial adviser. Charges for conveyancing in Brecon differ, so it's advisable to secure at least three quotes from different solicitors. Dont forget to clarify that the fees are fixed.
What are the common deficiencies that you come across in leases for Brecon properties?
Leasehold conveyancing in Brecon is not unique. All leases are individual and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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A provision to repair to or maintain elements of the premises
You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Bank of Scotland, and Barclays Direct all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.
I purchased a 2 bed flat in Brecon, conveyancing having been completed in 2001. How much will my lease extension cost? Comparable flats in Brecon with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2091
With just 66 years remaining on your lease the likely cost is going to be between £11,400 and £13,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
Why do I have to provide my property lawyer with various items of identification before I can commence with selling or purchasing a property in Brecon?
Brecon conveyancing practitioners are obliged by the Law Society, SRA, HM Land Registry and current AML Regulations to record that the have verified the identity of their clients. It is also sometimes a requirement of your lender where you are taking a mortgage. Furthermore they have to complete various forms, particularly those relating to stamp duty land tax and need to have information such as your full names, NI number and DOB.