I purchased a freehold premises in Machynlleth but still charged rent, why is this and what is this?
It’s unusual for properties in Machynlleth and has limited impact for conveyancing in Machynlleth 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 new 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 will be extinguished.
We're in Machynlleth, First time buyers purchasing with a mortgage (lender is Clydesdale , and our solicitor is on the Clydesdale conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Clydesdale conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I require quick conveyancing in Machynlleth as I am under a deadline to exchange contracts in less than 3 weeks. A home loan is not required. Can I avoid the conveyancing searches to save fees and time?
If.Given you are not taking a home loan you have the choice not to have searches conducted although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Machynlleth the following are instances of what can arise and adversely impact the marketability of the property: Enforcement Notices, Overdue Fees, Outstanding Grants, Railway Schemes,...
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Machynlleth is the location of the property. What do you suggest?
Flying freeholds in Machynlleth are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Machynlleth you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Machynlleth 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 property.
Estate agents have just been given the go-ahead to market my ground floor apartment in Machynlleth. Conveyancing is yet to be initiated, but I have just received a quarterly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should discharge the invoice as usual as all ground rent and maintenance invoices should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Machynlleth Conveyancing for Leasehold Flats - A selection of Questions you should consider Prior to buying
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Be sure to investigate if the the lease includes any unreasonable restrictions in the lease. For example it is fairly common in Machynlleth leases that pets are not permitted in in a block in Machynlleth. If you love the apartmentin Machynlleth however your cat is not allowed to make the move with you then you will be presented with a hard decision. Its a good idea to find out as much as possible about the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to practical issues such as the cleanliness of the communal areas. You should not be afraid to ask other people what they think of them. In conclusion, investigate as to the dates that the service fees are due to the relevant party and precisely what it includes.
Should one as executor remove a departed person's name from the title register for a property in Machynlleth?
Where a Machynlleth property is co-owned and one of the owners passes away, their name will not automatically be removed from the Land Registry title. You are not required to amend the title as when it comes to a sale your conveyancer would simply need to evidence as to the reason the co proprietor is missing from the transfer, such as a grant of probate.
With a view to making the sale conveyancing simpler for the sale of the property you can apply to have the deceased party erased from the title entries by applying to HM Land Registry with evidence of the death. There is no charge from the Registry for this service.