I own a freehold residence in Clydach yet pay rent, why is this and what is this?
It is rare for properties in Clydach and has limited impact for conveyancing in Clydach 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 creation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
My grandmother passed away 10 months ago and as sole heir and executor I was left the house in Clydach. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this allowed?
Where you intend to refinance then HSBC will require that you use a conveyancer on the HSBC 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 HSBC 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 HSBC mortgage is registered as a charge at the Land Registry.
I have todayfound out that Action Conveyancing have closed. They carried out my conveyancing in Clydach for a purchase of a leasehold apartment 10 months ago. How can I be sure that my home is registered correctly in the name of the former proprietor?
The easiest method to see if the property is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Clydach conveyancing specialists.
I've recently found out that there is a flying freehold element on a property I have offered on last month in what should have been a straight forward, chain free conveyancing. Clydach is the location of the property. Can you shed any light on this issue?
Flying freeholds in Clydach are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Clydach you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Clydach may ascertain 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.
What are your top tips when it comes to choosing a Clydach conveyancing firm to deal with our lease extension?
If you are instructing a property lawyer for lease extension works (regardless if they are a Clydach conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We recommend that you speak with several firms including non Clydach conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
-
If the firm is not ALEP accredited then why not? How familiar is the practice with lease extension legislation?
I bought a split level flat in Clydach, conveyancing formalities finalised February 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Clydach with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 2091
You have 66 years remaining on your lease we estimate the premium for your lease extension to span between £11,400 and £13,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
I have recently had an offer accepted on a leasehold flat in Clydach and the mortgage adviser that we are using suggested his conveyancing practitioner. They quoted £1000 including VAT and disbursements. Does this sound reasonable?
Don't just go on a single estimate. You should seek like-for-like quotes for your conveyancing in Clydach. Then pick one that you trust and just as important, is on the approved panel of the bank that you have applied for a mortgage from.