I own a freehold premises in Cwmbran but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Cwmbran and has limited impact for conveyancing in Cwmbran 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
We are planning to purchase with Norwich and Peterborough Building Society. I dropped in 3 or 4 local solicitors yet am unable to find a Cwmbran conveyancing firm on the Norwich and Peterborough Building Society panel. Could you help?
You should make use of the search tool on this web page. Please choose the lender and type Cwmbran or your location and you will discover numerous conveyancers located in Cwmbran or by proximity to you.
I have been told that property searches are the primary cause of obstruction in Cwmbran house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Cwmbran.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Cwmbran?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Cwmbran. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a flat up to £245,000 and identified one round the corner in Cwmbran I like with amenity areas and railway links in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Cwmbran for this price, so just wondered if I would be making a grave error purchasing a short lease?
If you need a home loan that many years may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
Due to complete next month on a garden flat in Cwmbran. Conveyancing lawyers assured me that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?
The report on title for your leasehold conveyancing in Cwmbran should include some of the following:
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You should have a good understanding of the insurance obligations Does the lease prohibit wood flooring? Who has the liability to repair and maintain the block. It is important that you know which party is liable for the repair and maintenance of all parts of the block and estate Whether the landlord has obligations to ensure rights of quiet enjoyment over your premises and do you know what it means in practice? The physical extent of the demise. This might be the flat itself but might include a loft or basement if applicable.
Leasehold Conveyancing in Cwmbran - Examples of Queries before Purchasing
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The prefered form of lease structure is where the freehold reversion is in the ownership of the leaseholders. In this situation the lessees benefit from being in charge if their destiny and although a managing agent is usually employed if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. If a Cwmbran lease has fewer than 80 years it will affect the value of the apartment. Check with your bank that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely have to extend the lease at some point and it is worth discovering how much this would cost. For most Cwmbranlease extensions you will need to own the property for 24 months in order to be legally able to extend the lease.