I am the registered owner of a freehold premises in Cardigan but still pay rent, why is this and what is this?
It’s unusual for properties in Cardigan and has limited impact for conveyancing in Cardigan 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 many centuries, but the Rent Charge Act 1977 barred the creation 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 in 2037 will be extinguished.
I'm purchasing a new build house in Cardigan with a loan from Britannia. The builders refused to reduce the price so I negotiated £7000 of additionals instead. The house builders rep told me not to tell my lawyer about this deal as it could put at risk my mortgage with Britannia. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Should I be wary that 3rd parties that I am dealing with are recommending a national conveyancing firm as opposed to a High Street Cardigan conveyancing practice?
As is the case with lots of professional services, often input from family and friends can be very helpful. Yet there are lots of players in a conveyancing transaction; estate agents, financial adviser and mortgage companies might all suggest conveyancers to select. On occasion the conveyancers might be known to one of the organisations as being good in their field, but occasionally there exists a commercial relationship behind the recommendation. You are free to appoint your own conveyancer. You need to be aware that the majority of mortgage providers specify a panel list of solicitors you must use for the lender aspect of your home move.
My step-father has recommend that I instruct his conveyancing solicitors in Cardigan. Do I follow his recommendation?
Much as we are happy to recommend a Cardigan conveyancing lawyer it’s preferable to choose a conveyancing solicitor is to have guidance from friends or relatives who have used the conveyancer you're contemplating using.
Can you offer any advice when it comes to appointing a Cardigan conveyancing firm to carry out our lease extension conveyancing?
If you are instructing a conveyancer for lease extension works (regardless if they are a Cardigan conveyancing firm) it is imperative that they be familiar with the legislation and specialises in this area of work. We recommend that you make enquires with several firms including non Cardigan conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be of use:
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Can they put you in touch with clients in Cardigan who can give a testimonial? What are the costs for lease extension conveyancing?
I bought a 1 bedroom flat in Cardigan, conveyancing formalities finalised December 1999. Can you work out an approximate cost of a lease extension? Comparable properties in Cardigan with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2084
With just 58 years remaining on your lease the likely cost is going to be between £21,900 and £25,200 plus costs.
The suggested premium range 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. 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 clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.
Finally our conveyancing in Cardigan is completing on Friday, however the owners I am purchasing from wants to move out on the Saturday PM. Can I accept this?
Where you need a bank loan then your lawyer will demand that you have vacant possession on Friday - the bank will compel it.