I am obtaining a offer of a home loan from Santander. I intend to retain the legal services of a Licensed Conveyancer in Cwmbran. Does the Santander Solicitor panel exclude conveyancers regulated by the CLC?
The Santander approved solicitor list is, like many other lenders, represented by the Council or Mortgage Lenders or BSA, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.
I am the registered owner of a freehold house in Cwmbran yet invoiced for 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.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
I am purchasing a property and require a conveyancing solicitor in Cwmbran who is on the The Mortgage Works conveyancing. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for The Mortgage Works in certain locations such as Cwmbran. We dont recommend any particular firm.
I have been on the look out for a leasehold apartment up to £235,500 and found one near me in Cwmbran I like with a park and railway links in the vicinity, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Cwmbran for this price, so just wondered if I would be making a mistake purchasing a short lease?
Should you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.
Should I be wary that estate agents that I am dealing with are recommending a nationwide conveyancing firm rather than a High Street Cwmbran conveyancing company?
As is the case with many professional services, often suggestions from relatives can be worth their weight in gold. But there are lots of people with a vested interest in a conveyancing matter; estate agents, financial adviser and banks might all suggest conveyancers to choose. On occasion the solicitors might be known to one of the organisations as being good in their field, but sometimes there might be a financial incentive behind the recommendation. You have the discretion to select your own conveyancer. Don't forget that most banks specify a panel list of conveyancers you have to use for the mortgage aspect of your conveyancing.
Last December I purchased a leasehold property in Cwmbran. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a garden flat in Cwmbran, conveyancing having been completed half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Cwmbran with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease finishes on 21st October 2086
With just 60 years left to run we estimate the price of your lease extension to be between £20,000 and £23,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other 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 getting professional advice.