I own a freehold property in Glan Conwy but still charged rent, why is this and what is this?
It’s unusual for properties in Glan Conwy and has limited impact for conveyancing in Glan Conwy 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 post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I'm buying my first flat in Glan Conwy with a loan from Barclays Direct. The sellers would not move on the price so I negotiated five thousand pounds worth of additionals instead. The estate agent advised me not inform my solicitor about the extras as it could jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I have been recommended by a number of selling agents in Glan Conwy to choose a property lawyer on your site. Is there a financial inducement for Estate Agents to recommend your site rather than another?
We don’t offer any referral fee for pointing buyers and sellers in our direction. We found it would be just too difficult to pay a commission because members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
We're first time buyers - had an offer accepted, but the estate agent informed us that the owners will only go ahead if we use their recommended conveyancers as they need an ‘expedited deal’. My instinct tells me that we should use a local solicitor with experience of conveyancing in Glan Conwy
We suspect that the seller is not behind this demand. Should the vendor desire ‘a quick sale', alienating a genuine buyer is not the way to achieve this. Speak to the owners direct and explain that (a)you are motivated purchasers (b)you are ready to progress, with mortgage lined up © you do not need to sell (d) you intend to proceed fast (e)but you are going to instruct your own,trusted Glan Conwy conveyancing lawyers - not the ones that will give the estate agent a commission or meet his conveyancing targets demanded by head office.
There are only Seventy years remaining on my flat in Glan Conwy. I now wish to get lease extension but my landlord is absent. What should I do?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you have made all reasonable attempts to locate the freeholder. For most situations a specialist should be helpful to carry out a search and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on investigating the landlord’s disappearance and the application to the County Court overseeing Glan Conwy.
I invested in buying a studio flat in Glan Conwy, conveyancing formalities finalised September 2005. How much will my lease extension cost? Corresponding properties in Glan Conwy with an extended lease are worth £216,000. The ground rent is £50 yearly. The lease ceases on 21st October 2095
You have 69 years left to run the likely cost is going to span between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Midway through the sale of a leasehold flat in Glan Conwy. Conveyancing is fine but we have been asked to pay an extortionate amount from the freeholder. To date we have forked out £275 for a leasehold management information and then another £134.40 for additional questions supplied by the purchaser's solicitor.
Your lawyer will not have any say over the extent of the bill for this information but the typical costs for the information for Glan Conwy leasehold premises is £380. For Glan Conwy conveyancing transactions it is customary for the seller to cover the costs. The freeholder or their agents are under no statutory obligation to answer such questions although many will be content to do so - albeit often at exorbitant prices out of proportion to the work involved. Regretfully there is no legislation that mandates set fees for administrative tasks. There is no prescriptive time frame by which they are required to supply answers.