I purchased a freehold property in Cyncoed but still pay rent, why is this and what is this?
It’s unusual for properties in Cyncoed and has limited impact for conveyancing in Cyncoed 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 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 post 2037 is to be extinguished.
I am purchasing my first flat in Cyncoed benefiting from help to buy. The builders would not budge the amount so I negotiated £7000 of additionals instead. The estate agent advised me not inform my conveyancer about this extras as it will jeopardize my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Given that I am about to part with hundreds of thousands of pounds on a garden flat in Cyncoed I wish to have a conversation with the lawyer concerning thehome move ahead of giving the go ahead to the firm. Can this be arranged?
Absolutely - we would be happy to talk to you we do not take any clients on without you speaking to the lawyer due to be carrying out your conveyancing in Cyncoed.There is no ‘factory style conveyancing’ - each client is an important person, not a file number. The solicitors that we put you in touch with believe that the fees you are quoted for residential conveyancing in Cyncoed should be the amount on the final invoice that you are charged.
My husband and I are first time buyers - had an offer accepted, yet the selling agent told us that the owners will only proceed if we use the agent's chosen lawyers as they need an ‘expedited deal’. Our preferred option is to instruct a high street solicitor accustomed to conveyancing in Cyncoed
We suspect that the seller is not behind this requirement. If they want ‘a quick sale', taking such a hostile approach to a motivated buyer is counter productive. Avoid the agents and go straight to the owners and make the point that (a)you are genuine purchasers (b)you are ready to go, with finances in place © you are unencumbered (d) you intend to proceed fast (e)however you intend to instruct your preferred Cyncoed conveyancing lawyers - not the ones that will earn their negotiator at the agency a commission or achieve conveyancing targets demanded by HQ.
Back In 2006, I bought a leasehold house in Cyncoed. Conveyancing and Norwich and Peterborough Building Society mortgage are in place. A letter has just been received from someone saying they have taken over the freehold. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing practitioner in Cyncoed who acted for me is not around. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is in fact the new freeholder. It is not necessary to instruct a Cyncoed conveyancing solicitor to do this as you can do this on the Land Registry website for a few pound. Rest assured that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I bought a 1st floor flat in Cyncoed, conveyancing formalities finalised 3 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Cyncoed with an extended lease are worth £185,000. The ground rent is £65 per annum. The lease ends on 21st October 2084
With only 60 years unexpired we estimate the premium for your lease extension to range between £20,000 and £23,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account 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.
I need to find a mortgage company panel solicitor in Cyncoed. Can you assist?
It is not clear why you need a Cyncoed panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to the mortgage company to find out which solicitors in Cyncoed are on their panel . If you do find such a firm in Cyncoed not listed please direct them to our site to list. After all the cost is only one £1 a month