I purchased a freehold premises in Neath Port Talbot yet pay rent, why is this and what is this?
It’s unusual for properties in Neath Port Talbot and has limited impact for conveyancing in Neath Port Talbot 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.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I am in the process of remortgaging my flat in Neath Port Talbot, does my lawyer have to be on the Bank of Ireland Solicitor panel?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
Me and my partner are buying a flat in Neath Port Talbot. It might be a silly question but how we can trust a lawyer? At some point we have to put our life savings into their account. What protection do we have from them run away with our monies?
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.
Is it the case that all Neath Port Talbot solicitors on the Barclays conveyancing panel are overseen by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Barclays approved list of solicitors they would need to be regulated by the SRA. Many mortgage companies do list licenced conveyancers on their panel in which case such practice would be governed by the Council of Licensed Conveyancers.
I currently have a mortgage with Yorkshire BS for my property in Neath Port Talbot. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Your original mortgage agreement with Yorkshire BS will provide that you need their approval prior to renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. In many cases banks or building societies 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 Yorkshire BS directly. You need not do this via a Yorkshire BS conveyancing panel firm.
Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Neath Port Talbot I like with open areas and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Neath Port Talbot suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term will be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
My husband and I are new to the buying process - agreed a price, yet the selling agent informed us that the owners will only go ahead if we instruct their preferred solicitors as they are insisting on an ‘expedited deal’. We would rather use a local conveyancer who is accustomed to conveyancing in Neath Port Talbot
We suspect that the seller is unaware of this request. Should the vendor require ‘a quick sale', taking such a hostile approach to a serious purchaser is counter productive. Avoid the agents and go straight to the owners and make sure they understand (a)you are genuine purchasers (b)you are ready to go, with finances in place © you have nothing to sell (d) you wish to move quickly (e)however you will continue to instruct your preferred Neath Port Talbot conveyancing lawyers - rather thanthose that will provide their estate agent a commission or meet his conveyancing targets set by senior management.
Having had my offer accepted I require leasehold conveyancing in Neath Port Talbot. Before I get started I would like to find out the remaining lease term.
Assuming the lease is recorded at the land registry - and most are in Neath Port Talbot - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a ground floor flat in Neath Port Talbot, conveyancing having been completed 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Neath Port Talbot with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2088
You have 63 years unexpired we estimate the premium for your lease extension to range between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.