I own a freehold property in Caerphilly yet pay rent, why is this and what is this?
It is rare for properties in Caerphilly and has limited impact for conveyancing in Caerphilly 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 many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
The Caerphilly conveyancing lawyers that I recently instructed on my purchase in Caerphilly have suddenly shut down. They were on acting for me because I needed a solicitor on the Barclays conveyancing panel and my family Caerphilly lawyer was not. I paid them funds on account. What should be my next steps?
If you have an estate agent involved then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Barclays conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to help.
What does a local search reveal regarding the property we're buying in Caerphilly?
Caerphilly conveyancing often starts with the ordering local authority searches directly from your local Authority or through a personal search organisations for example PSG The local search plays a central part in many a Caerphilly conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject sections.
I am looking for a flat up to £305k and found one near me in Caerphilly I like with a park and station in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Caerphilly for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
I only have Fifty years left on my flat in Caerphilly. I am keen to get lease extension but my freeholder is can not be found. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the landlord. For most situations a specialist may be helpful to conduct investigations and to produce an expert document which can be used as proof that the landlord is indeed missing. It is wise to seek advice from a solicitor in relation to investigating the landlord’s absence and the application to the County Court overseeing Caerphilly.
Leasehold Conveyancing in Caerphilly - Examples of Questions you should consider Prior to Purchasing
-
This information is important as a) areas may result in problems for the building as the common areas may begin to deteriorate where services remain unpaid b) if the leaseholders have a dispute with the running of the building you will wish to have complete disclosure How many of the leaseholders are in arrears for their maintenance charge payments? Best to be warned whether changing the roof or some other significant cost is anticipated that will be shared between the leasehold owners and will materially increase the the maintenance costs or result in a one time invoice.
There are plenty of properties in Caerphilly on unadopted lanes. My partner and I are acquiring such a house. Are there any advantages to purchasing a residence on a private road?
Caerphilly conveyancing firms will be familiar with transacting homeson unadopted roads. Your solicitor should review the title to identify any rights or liabilities. In many cases there is a management company (wholly owned by residents) that owners make annual payments to maintain the road. Where there is one, the road should be maintained and look better than publicly owned.