I purchased a freehold premises in Builth Wells yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Builth Wells and has limited impact for conveyancing in Builth Wells 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 establishment of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I am currently in the process of buying my council flat in Builth Wells. I have a mortgage offer with Nottingham. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.
I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Builth Wells building society branch on numerous occasions and was told it wasn't an issue and they would lend. My Builth Wells conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned to say that they refuse to lend in accordance with their published requirements. Who do I believe?
Provided that the conveyancing practitioner is on the lender panel, she or he must comply with the Council of Mortgage Lenders’ Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
After what feels like an age I have had an offer on an apartment in Builth Wells accepted, the vendors do nevertheless have an associated purchase. The sellers have offered on somewhere, but it’s not yet agreed to, and are looking at other flats in the pipeline. I have selected a bricks and mortar conveyancing solicitor in Builth Wells. What do I do now? When should I get the mortgage application with Leeds Building Society started?
It is usual to have concerns where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of £1k, then survey, Builth Wells conveyancing search charges, etc). First, you should check that your conveyancer is on the Leeds Building Society approved list. As to the subsequent phase this very much depends on the specifics of your case, attraction to this property and on the state of the market. During a hot market the majority of buyers would apply for the mortgage with Leeds Building Society and arrange for the valuation and only if it comes back ok would they pay their lawyer to press on with the conveyancing in Builth Wells.
Is it possible to switch conveyancer as I need to appoint one who is on the Skipton Building Society conveyancing panel. I instructed a family conveyancing solicitor in Builth Wells five minutes from me but the firm is not approved by Skipton Building Society
It would be our pleasure to assist you select a conveyancing solicitor in Builth Wells on the Skipton Building Society panel. Please note that the property lawyers that we on the directory do not pay us a referral fee if you instruct them and are authorised and regulated by the SRA who regulate all conveyancing solicitors in Builth Wells. In making use of the find a conveyancing solicitor tool on this site, you can contrast charges for conveyancing solicitors in Builth Wells and beyond.
In my capacity as executor for the estate of my aunt I am disposing of a house in Neath but live in Builth Wells. My conveyancer (who is 260 kilometers awayneeds me to sign a stat dec prior to the transaction finalising. Can you recommend a conveyancing practitioner in Builth Wells to witness this legal document for me?
strictly speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will be fine regardless of whether they are located in Builth Wells
Can you provide any top tips for leasehold conveyancing in Builth Wells with the intention of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Builth Wells can be bypassed if you instruct lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the buyers’ lawyers. Some Builth Wells leases require Licence to Assign from the landlord. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as over rather than unresolved. If you have the benefit of shareholding in the Management Company, you should make sure that you hold the original share certificate. Organising a duplicate share certificate is often a time consuming process and delays many a Builth Wells home move. If a new share is needed, do contact the company director and secretary or managing agents (if applicable) for this at the earliest opportunity.
Builth Wells Leasehold Conveyancing - Sample of Questions you should consider Prior to Purchasing
-
For many Builth Wells leaseholds the cost for major works tend not to be included within service charges, albeit that a few managing agents in Builth Wells require tenants to pay into a reserve fund and this is used to offset against major works. How much is the ground rent and service charge? Please note if it is less than 80 years it will have adverse implications on the salability of the property. Check with your bank that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out what this will be. For most Builth Wellslease extensions you would need to own the property for a couple of years in order to be legally able to carry out a lease extension.
Why can't I complete our conveyancing in Builth Wells on Easter Monday?
Because on completion the money will be transferred electronically between the banks of the purchaser and owner’s lawyer and currently this can only occur on a business day. It is not possible to complete on a saturday or sunday either.