I own a freehold house in Brynmill but still invoiced for rent, why is this and what is this?
It is rare for properties in Brynmill and has limited impact for conveyancing in Brynmill 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 establishment of fresh 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 post 2037 will be extinguished.
I am the sole recipient of my late father’s will and I have everything in my name now, including the house in Brynmill. The Brynmill property was put into my name in March. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my proprietorship could be treated the same way as though I had purchased the house in March. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. How practical a view banks take of it, depend on the bank as this provision chiefly exists to identify subsales or the flipping of property.
I have a mortgage with Principality for my property in Brynmill. Conveyancing was finalised a year ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Principality?
You must advise Principality in advance of letting out your property as this is likely to be a breach of Principality’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Principality directly. It should not be necessary to do this via a Principality conveyancing panel lawyer.
Completion of my purchase has taken place for my property in Brynmill. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?
All banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
How does conveyancing in Brynmill differ for new build properties?
Most buyers of new build property in Brynmill approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Brynmill usually 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 Brynmill or who has acted in the same development.
Should I be wary by 3rd parties that I am dealing with are encouraging me to use a web based conveyancing firm rather than a local Brynmill conveyancing firm?
As is the case with many service providers, often referrals from family and friends can be extremely useful or valuable. Yet there are lots of players in a conveyancing deal; estate agents, financial adviser and lenders might all suggest conveyancers to instruct. On occasion the conveyancers might be known to one of the organisations as experts in their field, but occasionally there exists a commercial relationship behind the endorsement. You are free to select your own conveyancer. However, bear in mind that the majority of mortgage providers have an approved list of lawyers you have to use for the lender aspect of your transaction.
Estate agents have just been given the go-ahead to market my ground floor flat in Brynmill. Conveyancing is yet to be initiated, however I have just had a half-yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should pay the maintenance contribution as normal because all ground rent and service charges will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Brynmill Conveyancing for Leasehold Flats - Examples of Queries before Purchasing
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The answer will be important as a) areas can result in problems for the block as the communal areas may begin to deteriorate if services are not paid for b) if the tenants have a dispute with the running of the building you will want to have full disclosure How long is the Lease? Best to be warned whether redecorating or some other major work is due in the near future to be shared between the tenants and will materially impact the level of the service costs or require a one off payment.
I own a leasehold flat in Brynmill. Conveyancing was finalised in 21012. I have been told that I should not let the lease length fall too short. Is this right?
Brynmill leasehold properties are for a fixed term - usually just under one hundred years when they started. However a significant appartments in Brynmill were constructed or converted in the 70’s80’s and so such leases now have under eighty years unexpired. This may seem like a long time but Banks, Building Societies and other mortgage companies on the whole need leases to have a minimum of seventy five years remaining to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are getting close to 75 years. To increase your property value you should be considering whether to extend your lease well in advance of selling the property. You should note that there are significant benefits to taking action before the lease reaches even eighty years as when the lease is less than 80 years the premium you have to pay to extend starts to increase.