I own a freehold residence in Newbridge yet pay rent, why is this and what is this?
It’s unusual for properties in Newbridge and has limited impact for conveyancing in Newbridge 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 new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
My grandfather passed away last year and as sole heir and executor I was left the property in Newbridge. The house had a small mortgage remaining of approximately £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Clydesdale, pay off the mortgage. Is this possible?
Where you intend to re-mortgage then Clydesdale will require that you use a conveyancer on the Clydesdale conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Clydesdale conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Clydesdale mortgage is registered as a charge at the Land Registry.
The deeds to our property can not be found. The solicitors who handled the conveyancing in Newbridge 5 years ago no longer exist. What are my options?
Assuming you have a registered title the information relating to your ownership will be held by the Land Registry with a Title Number. It is easy to conduct a search at the Land Registry, find your property and get current copies of the Registered Entries for a small fee. Where the title is Leasehold then the Land Registry will in most cases hold a certified copy of the Registered Lease and again, a copy can be obtained for a small fee.
How does conveyancing in Newbridge differ for newly converted properties?
Most buyers of new build property in Newbridge approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Newbridge typically purchase the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Newbridge or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Newbridge before appointing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor advised that some mortgage companies tend not issue a mortgage on a flying freehold property.
It varies from the lender to lender. Bank of Scotland has different requirements for example to Nationwide. Should you wish to telephone us we can check with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Newbridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Newbridge to see if the conveyancing will be more expensive.
Can you provide any advice for leasehold conveyancing in Newbridge from the point of view of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Newbridge can be bypassed where you appoint lawyers the minute your agents start advertising the property and ask them to collate the leasehold information needed by the purchasers’ solicitors. If you hold a share in a the freehold, you should ensure that you have the original share document. Organising a re-issued share certificate can be a lengthy formality and slows down many a Newbridge home move. If a duplicate share certificate is needed, do contact the company officers or managing agents (where relevant) for this as soon as possible. You may think that you are aware of the number of years remaining on your lease but it would be advisable verify this via your lawyers. A purchaser's conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 75 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If there is a history of conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unresolved.
Newbridge Leasehold Conveyancing - A selection of Questions you should consider Prior to buying
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Does the lease include onerous restrictions? On the whole the outlay for major works tend not to be included within maintenance charges, albeit that some managing agents in Newbridge require leasehold owners to contribute towards a sinking fund created for the specific purpose of establishing a fund for major repairs or maintenance. The best form of lease structure is if the freehold reversion is owned by the leaseholders. In this situation the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is often retained if it is bigger than a house conversion, the managing agent is directed by the tenants.