I purchased a freehold premises in Bargoed but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Bargoed and has limited impact for conveyancing in Bargoed 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.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My uncle passed away last year and as sole heir and executor I was left the house in Bargoed. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Co-operative, pay off the mortgage. Is this possible?
Where you plan to re-mortgage then Co-operative will require that you use a conveyancer on the Co-operative 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 Co-operative 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 Co-operative mortgage is registered as a charge at the Land Registry.
I purchased a renovated Edwardian property in Bargoed. Conveyancing solicitor acted for me and Accord Mortgages Ltd. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the exact same property. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bargoed and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with the conveyancing practitioner who conducted the purchase.
How does conveyancing in Bargoed differ for newly converted properties?
Most buyers of new build or newly converted property in Bargoed contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because developers in Bargoed usually acquire the site, 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 accustomed to new build conveyancing in Bargoed or who has acted in the same development.
I opted to have a survey done on a house in Bargoed in advance of instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some banks may not give a mortgage on a flying freehold house.
It varies from the lender to lender. Lloyds has different requirements from Birmingham Midshires. If you e-mail us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Bargoed. Conveyancing will be smoother if you use a solicitor in Bargoed especially if they are familiar with such properties in Bargoed.
My conveyancing solicitor in Bargoed has informed me that he requires proof of ID documents saying that this forms part of his legal duty as a conveyancer on the mortgage company Solicitor panel. Is this right?
Anti-terror and anti-money-laundering rules require Bargoed conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Terms and Conditions that you need to sign will no doubt confirm this. Your lawyer is right that the bank also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the mortgage company's UK Finance Lenders’ Handbook requirements