I own a freehold residence in Gorseinon but nevertheless charged rent, why is this and what is this?
It is rare for properties in Gorseinon and has limited impact for conveyancing in Gorseinon 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
After scouring moneysavingexpert.com for an affordable lawyer in Gorseinon, many say that I must instruct a CQS assured lawyer. Can you explain what CQS is?
The Law Society's Conveyancing Quality Scheme is the recognised kitemark for legal experts in the legal transfer of properties, trusted by some of the UK's major mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. The scheme does not cover licenced conveyancers. Gorseinon is one of the numerous areas of the UK where there are CQS solicitors.
Over the last few months I have been searching for a flat up to £195,000 and identified one round the corner in Gorseinon I like with amenity areas and transport links nearby, however it's only got 61 years unexpired on the lease. I can't really find anything else in Gorseinon in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the shortness of the lease will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
I am looking to sell my property. My former solicitors closed down. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Gorseinon if that affects matters.
Do use our search tool to help you choose a solicitor for your conveyancing in Gorseinon. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
What are the frequently found deficiencies that you witness in leases for Gorseinon properties?
Leasehold conveyancing in Gorseinon is not unique. Most leases are unique and drafting errors can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
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A duty to insure the building Repairing obligations to or maintain parts of the premises
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, Barnsley Building Society, and Britannia all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, forcing the purchaser to pull out.
Leasehold Conveyancing in Gorseinon - Sample of Queries before Purchasing
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Does this lease have more than 85 years remaining? This question is helpful as a) areas can cause problems for the building as the communal areas may start to deteriorate if maintenance remain unpaid b) if the leasehold owners have a dispute with the running of the building you will wish to have full disclosure Who is in charge of the building?
Two months into a sale of a flat in Gorseinon. Conveyancing is fine but we are being charged an extortionate amount from the landlord. So far we have paid £275 for a leasehold management pack and then another £134.40 for supplemental questions supplied by the purchaser's lawyer.
You will not have any say over the extent of the fee for this information but the typical costs for the information for Gorseinon leasehold property is £380. For Gorseinon conveyancing deals it is usual for the owner to cover the costs. The landlord or their agents are under no statutory obligation to answer such questions most will agree to do so - albeit often at high prices disproportionate to the work involved. Unfortunately there is no law that mandates fixed fees for administrative tasks. Neither is there any legal time limit by which they are required to issue answers.