I own a freehold house in Caernarfon yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Caernarfon and has limited impact for conveyancing in Caernarfon 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 creation of fresh 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 is to be dispensed with completely.
When reviewing online forums for an online solicitor in Caernarfon, most say that I should use a CQS kitemarked lawyer. What is CQS?
The Conveyancing Quality Scheme (CQS) provides a kitemark for residential conveyancing practices issued by the Law Society. Membership achievement establishes a level of credibility for member firms with stakeholders (regulators, lenders, insurers and consumers) based upon: * the integrity of the senior responsible officer and other key conveyancing staff * the firm's adherence to good practice management standards * compliance with best practice conveyancing processes through the scheme protocol Membership includes numerous companies who handle conveyancing in Caernarfon.
I'm buying a new build house in Caernarfon benefiting from help to buy. The developers refused to reduce the amount so I negotiated 6k of extras instead. The sale representative told me not inform my conveyancer about the side-deal as it would impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Caernarfon is where the house is located. Is there any advice you can give?
Flying freeholds in Caernarfon are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Caernarfon you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Caernarfon 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 property.
Am I right to be concerned that third parties that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Caernarfon conveyancing practice?
As is the case with many service providers, often suggestions from relatives can be very helpful. But there are many people with a keen interest in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may suggest conveyancers to retain. On occasion the lawyers might be known to one of the organisations as experts in their field, but sometimes there is an underlying financial incentive behind the recommendation. You have the discretion to choose your preferred conveyancer. Don't forget that the majority of banks specify a panel list of solicitors you are obliged to use for the lender aspect of your home move.
I am employed by a reputable estate agent office in Caernarfon where we have witnessed a number of leasehold sales put at risk due to short leases. I have received contradictory information from local Caernarfon conveyancing solicitors. Please can you confirm whether the vendor of a flat can start the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I purchased a leasehold flat in Caernarfon, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Caernarfon with a long lease are worth £176,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2075
With only 50 years unexpired we estimate the price of your lease extension to span between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.