I own a freehold property in Tonteg but nevertheless pay rent, why is this and what is this?
It is rare for properties in Tonteg and has limited impact for conveyancing in Tonteg 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 generation of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
We are purchasing a house and the lawyer has referenced Chancel Repair for which the house could be obligated to pay given it’s proximity to the area of such a church. He has recommended insurance. Is this really warranted for conveyancing in Tonteg
Unless a previous purchase of the premises took place post 12 October 2013 you may assume that lawyers handling conveyancing in Tonteg to continue to propose a a chancel search and or insurance against a claim.
I have recentlybecome aware that Arc property Solicitors have closed. They conducted my conveyancing in Tonteg for a purchase of a freehold house 18 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest way to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Tonteg conveyancing specialists.
Just had an offer accepted on a new build apartment in Tonteg. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Tonteg
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There must be mutual enforceability of lessee’s covenants. 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in last month in what should have been a simple, no chain conveyancing. Tonteg is where the house is located. Is there any guidance you can give?
Flying freeholds in Tonteg are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tonteg you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Tonteg may determine 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 premises.
I am a negotiator for a busy estate agent office in Tonteg where we see a number of flat sales put at risk due to short leases. I have been given contradictory information from local Tonteg conveyancing solicitors. Can you confirm whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I invested in buying a 1 bedroom flat in Tonteg, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Tonteg with over 90 years remaining are worth £216,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2094
You have 69 years unexpired the likely cost is going to span between £9,500 and £11,000 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. 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 clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.