I purchased a freehold premises in Magor but still pay rent, why is this and what is this?
It is rare for properties in Magor and has limited impact for conveyancing in Magor 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 generation of fresh rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I happen to be the single recipient of my late mum's will and I have everything in my name now, including the my former home in Magor. Conveyancing formalities meant that the Land Registry date was in December. I plan to dispose of the property. I do know about the Mortgage Lenders six month 'rule', meaning my proprietorship could be regarded the same way as if I'd bought the property in December. Do I have to wait 6 months to sell?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you might be caught by that. Some mortgage companies would take a pragmatic view as this obligation chiefly exists to capture subsales or the wholesaling and assigning of properties.
We previously instructed conveyancers with offices in Magor on the Leeds Building Society solicitor approved list. They are now charging me a supplemental fee for handling the Leeds Building Society mortgage. Is this a supplemental conveyancing fee specified by Leeds Building Society?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner is entitled to charge a fee for this. This charge is not set by Leeds Building Society but by your Magor conveyancing practitioner. Some firms on the Leeds Building Society panel will quote ’dealing with mortgage’ fee but many practices incorporate it on their overall fee.
Our offer on a house in Magor has been agreed to, but there is a chain. The vendors have placed an offer on a property, but it’s not yet agreed to, and have viewings of other apartments in the pipeline. I have chosen a local conveyancing solicitor in Magor. What should be my next step? When should I get the mortgage application with Virgin Money going?
It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs too early (mortgage application is in the region of one thousand pounds, then valuation, Magor conveyancing search charges, etc). The first course of action is to ensure that your lawyer is on the Virgin Money approved list. As to the next stages this very much dictated by the circumstances of your transaction, attraction to the property and on the state of the market. During a buoyant market many home buyers would apply for a home loan with Virgin Money and pay for the valuation and only if it comes back ok would they ask their property lawyer to proceed with the conveyancing in Magor.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Magor. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Magor
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a quick, no chain conveyancing. Magor is where the house is located. Can you offer any opinion?
Flying freeholds in Magor are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Magor you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Magor 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.
What does commercial conveyancing in Magor cover?
Magor conveyancing for business premises covers a wide range of guidance, supplied by regulated solicitors, relating to business property. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.
My partner has suggested that I appoint his conveyancing solicitors in Magor. Should I use them?
There are no two ways about it it’s preferable to select a conveyancing solicitor is to get guidance from friends or relatives who have actually experience in using the firm you're contemplating using.