I am the registered owner of a freehold premises in Cemaes Bay but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Cemaes Bay and has limited impact for conveyancing in Cemaes Bay 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 new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
Are the BSA planning on creating a searchable register to list law firms on the Darlington Building Society conveyancing panel for instance in Cemaes Bay?
We are not aware of any intention on the part of the BSA to develop such a tool.
We are purchasing a house in Cemaes Bay. It might be a silly question but how we can trust a solicitor? At some point we will need to deposit money into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I currently have a mortgage with Principality for my property in Cemaes Bay. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat 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 renting 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. You need not do this via a Principality conveyancing panel lawyer.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Cemaes Bay solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Cemaes Bay postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Cemaes Bay.
My husband and I are four weeks into a freehold purchase having been referred to a firm by the high street agent to handle our conveyancing in Cemaes Bay. I am am very frustrated with the quality of service. Can you help me find new lawyers?
A conveyancer would have to be really poor in order to consider changing them. Has your loan offer been sent? In the event that it has you must make them aware of the new contact details and get the mortgage documents are re-issued. Your conveyancer needs to be on the lenders panel to avoid escalating expenses and delays. So that should be your first question of the new solicitors. The search tool can help you find a lender approved lawyer for your conveyancing in Cemaes Bay
I have just appointed agents to market my basement flat in Cemaes Bay. Conveyancing has not commenced, but I have recently had a quarterly maintenance charge invoice – what should I do?
It best that you discharge the invoice as usual because all ground rent and service charges should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents 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. Having a clear account will assist your cause and will leave you no worse off financially.
I bought a split level flat in Cemaes Bay, conveyancing having been completed September 2000. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Cemaes Bay with an extended lease are worth £201,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2089
With 65 years remaining on your lease we estimate the price of your lease extension to be between £13,300 and £15,400 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.
I am seeking to acquire a repossessed house in Cemaes Bay and the bank selling require completion within 28 days. Can a conveyancing practitioner complete in this timeframe? Am I best advised to instruct a high street Cemaes Bay firm or an online company that advertises to offer speedy conveyancing?
Visit your Cemaes Bay high street. Pop in to two or three solicitor’s offices and request to see a conveyancing solicitor for an estimate. Discuss your needs and get assurances on time frames. Choose the firm that seems most efficient. Make sure to use a lawyer on the list of property lawyers who can act for your mortgage company.