Me and my partner are soon to exchange buying a house in Chepstow but as a consequence of wreckage from the recent storms I have managed to agree compensation from the seller of £2k taking the form of a adjustment in the price. This was going to be addressed as part of the conveyancing process yet Nottingham will not agree to this. Should they have been informed?
Any property lawyer that is on the Nottingham conveyancing panel is required to disclose to Nottingham of any variations to the purchase price. If you prohibit your lawyer to notify the reduction to Nottingham then they would have to discontinue acting for you. In addition, Nottingham and you would have to appoint a new solicitor for your conveyancing in Chepstow.
I own a freehold premises in Chepstow yet pay rent, why is this and what is this?
It is rare for properties in Chepstow and has limited impact for conveyancing in Chepstow 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 establishment 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 in 2037 will be dispensed with completely.
My Conveyancer in Chepstow has never been on on the Santander Approved Panel. Can I still continue with my family solicitor even though they are not on the Santander list of approved lawyers?
The limited options available to you here include:
- Complete the purchase with your preferred Chepstow lawyers but Santander will need to retain a solicitor on their list of acceptable firms. This will result in additional overall legal charges as well as cause delays.
- Get a new solicitor to to deal with the conveyancing, remembering to check they are Persuade your conveyancer to use their best endeavours to join the Santander conveyancing panel
I have recentlybeen informed that Arc property Solicitors have closed. They conducted my conveyancing in Chepstow for a purchase of a freehold house 18 months ago. How can I be sure that my home is not still registered in the name of the former proprietor?
The quickest way to check if the property is in your name, you can carry out 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 Chepstow conveyancing specialists.
I am looking for a leasehold apartment up to £195,000 and identified one near me in Chepstow I like with a park and transport links nearby, however it's only got 61 years on the lease. There is not much else in Chepstow in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my flat in Chepstow. I now want to extend my lease but my freeholder is can not be found. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have done all that could be expected to track down the landlord. For most situations an enquiry agent would be useful to try and locate and to produce a report to be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the vesting order request to the County Court covering Chepstow.
I acquired a studio flat in Chepstow, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Chepstow with an extended lease are worth £211,000. The ground rent is £45 yearly. The lease runs out on 21st October 2091
With just 67 years unexpired the likely cost is going to span between £10,500 and £12,000 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 cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.