I am the sole recipient of my late grandmother’s will and I have everything in my name alone, including the house in Aberbargoed. Conveyancing formalities meant that the Land Registry date was in December. I now wish to sell up. I do know about the CML 6 month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the house in December. Do I have to wait half a year to sell?
The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. Some banks would take a sensible view as this obligation primarily exists to identify subsales or the wholesaling and assigning of property.
When it comes to lenders such as Kent Reliance, do Aberbargoed conveyancers incur an annual charge to be on the list of approved solicitors?
We are not aware of any lender fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
I have a mortgage with Virgin Money for my property in Aberbargoed. Conveyancing has been completed 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
I have todaybeen informed that Wolstenholmes have been shut down. They carried out my conveyancing in Aberbargoed for a purchase of a leasehold flat 12 months ago. How can I establish that the property is not still registered in the name of the former proprietor?
The quickest method to see if the property is in your name, you can carry out 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 Aberbargoed conveyancing specialists.
How does conveyancing in Aberbargoed differ for newly converted properties?
Most buyers of new build premises in Aberbargoed contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because developers in Aberbargoed usually buy 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 Aberbargoed or who has acted in the same development.
I've recently found out that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Aberbargoed is the location of the property. What do you suggest?
Flying freeholds in Aberbargoed are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Aberbargoed you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Aberbargoed 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 premises.
In what way does the Landlord & Tenant Act 1954 affect my business premises in Aberbargoed and how can your lawyers assist?
The particular law that you refer to affords a safeguard to business leaseholders, granting the dueness to apply to court for a renewal lease and continue in occupation at the end of an expired lease. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and assist with commercial conveyancing in Aberbargoed
I am a negotiator for a long established estate agency in Aberbargoed where we have witnessed a few flat sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Aberbargoed conveyancing solicitors. Can you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchased a 2 bed flat in Aberbargoed, 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? Equivalent properties in Aberbargoed with an extended lease are worth £216,000. The ground rent is £50 per annum. The lease runs out on 21st October 2095
With just 69 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.