I am the registered owner of a freehold premises in Aberystwyth but still charged rent, why is this and what is this?
It’s unusual for properties in Aberystwyth and has limited impact for conveyancing in Aberystwyth 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 fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
Have just purchased a repossessed house at auction in Aberystwyth. Conveyancing is needed. What is next?
Now that you are exchanged you should retain a conveyancing lawyer as a matter of priority as you will have a pending a fixed date to complete the transaction. An auction property should have a bespoke auction set of papers. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold premises the legal papers should provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing documentation specific to a leasehold property. You should hand this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that that you have the requisite funding in place to complete on the on the contractual date .
Please help - my lawyer advises that chancel insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Aberystwyth?
The right level of chancel indemnity insurance depends on who your lender is. It would differ for example between National Westminster Bank and The Royal Bank of Scotland. Conveyancing practitioners as opposed to borrowers take out such insurances.
We are getting the release of further monies on our mortgage from Principality as we intend to carry out a loft conversion to our home in Aberystwyth. Are we obliged to select a local Aberystwyth solicitor on the Principality conveyancing panel to handle the legals?
Principality would not normally instruct firms on their conveyancing panel to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Principality list.
I need some fast conveyancing in Aberystwyth as I have a deadline to exchange contracts in less than 2 weeks. Luckily I do not need a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are not obtaining a mortgage you are at liberty not to do searches although no solicitor would advise that you don't. With plenty of history conveyancing in Aberystwyth the following are examples of issues that can appear and adversely affect future mortgageability: Enforcement Notices, Outstanding Fees, Outstanding Grants, Railway Schemes,...
The estate agent has sent us the confirmation of our purchase of a new build apartment in Aberystwyth. 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 conveyancing.
Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Aberystwyth
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The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a simple, chain free conveyancing. Aberystwyth is where the house is located. Can you shed any light on this issue?
Flying freeholds in Aberystwyth are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Aberystwyth 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 Aberystwyth 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.
I am employed by a busy estate agency in Aberystwyth where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Aberystwyth conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can commence the lease extension process 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 proposed purchaser need not have to wait 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 sale.
Alternatively, it may be possible 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 purchaser.
I bought a studio flat in Aberystwyth, conveyancing was carried out in 2006. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Aberystwyth with an extended lease are worth £165,000. The ground rent is £50 per annum. The lease terminates on 21st October 2103
With only 78 years left to run we estimate the price of your lease extension to range between £7,600 and £8,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.