I purchased a freehold residence in Pontprennau yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Pontprennau and has limited impact for conveyancing in Pontprennau 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 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 after 2037 is to be dispensed with completely.
I moved into my apartment on 6 August and the transaction details is not yet on the land registry website. Any reason for this? My conveyancing solicitor in Pontprennau said it would be dealt with inside ten days. Are titles in Pontprennau uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Pontprennau registration formalities. As opposed to being determined by geographic area, timeframes can adjust subject to the party submitting the application, whether it is in order and if the Land registry have to notify any third parties. As of today in the region of 80% of submission are fully dealt with within 12 days but some can be subject to protracted delays. Historically registration is effected after the buyer is living at the property therefore an expedited registration is not typically an essential issue yet if there is a degree of urgency associated with the registration then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Pontprennau I like with open areas and railway links nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Pontprennau for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will likely be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I'm refinancing my existing property to a BTL loan with TSB and I will use the rest of the raised equity as a down payment on a second property. The neighborhood we are looking at is Pontprennau. Will your solicitors be able to act for both sets of banks and tie in the transactions?
Do use our search tool on this site to be sure that the lawyers are approved by both mortgage companies. Having checked that they are the conveyancer should be able to connect the two deals but you should talk with you conveyancer and make apparent your desired outcome and requirements.
We're FTB’s - had an offer accepted, but the selling agent told us that the owners will only go ahead if we instruct their preferred lawyers as they are insisting on an ‘expedited deal’. Our preferred option is to instruct a family conveyancer with experience of conveyancing in Pontprennau
It is highly unlikely the sellers are behind this. Should the vendor desire ‘a quick sale', alienating a genuine buyer is not the way to achieve this. Speak to the vendors direct and explain that (a)you are motivated buyers (b)you are ready to go, with finances arranged © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to instruct your preferred Pontprennau conveyancing solicitors - not the ones that will provide the estate agent a referral fee or achieve conveyancing figures set by senior management.
Estate agents have just been given the go-ahead to market my garden apartment in Pontprennau. Conveyancing solicitors are to be appointed soon, however I have just received a yearly service charge demand – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as you normally would given that all ground rent and maintenance payments should be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a 2 bed flat in Pontprennau, conveyancing formalities finalised 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Pontprennau with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2088
With 62 years remaining on your lease the likely cost is going to span between £17,100 and £19,800 plus professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.