I own a freehold property in Llandyrnog but still pay rent, why is this and what is this?
It is rare for properties in Llandyrnog and has limited impact for conveyancing in Llandyrnog 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 hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
My wife and I are purchasing a property in Llandyrnog. It might be a silly question but how we can trust a lawyer? At some point we will need to deposit our life savings into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I am aiming to move property in March. Does my conveyancing solicitor call the removal company on the completion day. As an aside, can you suggest a removal company in Llandyrnog. Conveyancing lawyer was chosen before I stumbled across your site.
On the afternoon of completion you will need to collect the keys from the selling agent however this can only be done when the vendors lawyers confirm to the agent that they have the completion monies and the keys can be released. You should inform the removal company that you are ready to move in. As a matter of policy we do not suggest a particular removal company but can help you choose a conveyancing in Llandyrnog or a solicitor that specialises in conveyancing in Llandyrnog.
The mortgage over my property is with Virgin Money for my property in Llandyrnog. Conveyancing has been completed 12 months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval in advance of letting out your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
I have recentlybeen informed that Arc property Solicitors have been shut down. They conducted my conveyancing in Llandyrnog for a purchase of a leasehold flat 9 months ago. How can I check that the property is registered correctly in the name of the previous owner?
The easiest way to see if the property is in your name, 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 Llandyrnog conveyancing specialists.
I'm purchasing my first flat in Llandyrnog with the aid of help to buy. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not reveal to my conveyancer about the side-deal as it will affect my loan with the lender. 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 am tempted by the attractive purchase price for a couple of flats in Llandyrnog which have in the region of 50 years unexpired on the lease term. should I be concerned?
There are no two ways about it. A leasehold flat in Llandyrnog is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Llandyrnog conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a studio flat in Llandyrnog, conveyancing was carried out in 2002. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Llandyrnog with over 90 years remaining are worth £191,000. The ground rent is £55 per annum. The lease expires on 21st October 2078
With 53 years unexpired we estimate the premium for your lease extension to range between £27,600 and £31,800 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
Me and my husband have just had an offer accepted on a flat and had meeting on Wednesday with HSBC for the mortgage. They warned me that when it comes to selecting a conveyancing practitioner that unless they are on their approved list of property lawyers then we will incur an additional charge of £250+. This is because they would then have to appoint a property lawyer to act for them in addition to the one we select on our behalf and we are liable for their costs. I have requested HSBC to supply me with a list so I can seek quotes only from their approved lawyers but was told that I need to check with each individual lawyer to see if they are on the panel. Is their an easier way of going about this?
You can enquire of HSBC what their panel criteria is for a conveyancer.Then ask the lawyer of your choice whether they meet the criteria and have they acted on loans for HSBC in the past. Where the answer to those is yes, then just clarify this with HSBC. Another option is to utilise our search facility and we should be able to identify a property lawyer in Llandyrnog on the approved list for HSBC.