IfI was to buy a simple residential homein Old Colwyn mortgage fee and dispense with a survey and no local authority searches how much would I expect to to save on my conveyancing in Old Colwyn?
Any savings you would make would be limited to the Old Colwyn conveyancing searches. The property lawyer is obliged to do the vast majority of work - money laundering, correspond with the vendors property lawyer, SDLT submission, register the property etc. A slight saving might be made by not having to register a charge but it will not be meaningful.
I am the registered owner of a freehold house in Old Colwyn but still pay rent, why is this and what is this?
It’s unusual for properties in Old Colwyn and has limited impact for conveyancing in Old Colwyn 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
I have been referred to a conveyancing solicitor in Old Colwyn. I need to find out whether they are accepted on the Chelsea Building Society approved list of lawyers. Can you advise?
You should phone the lawyer and enquire whether they can act for the lender. Alternatively you can call Chelsea Building Society who may be able to confirm.
Due to the guidance of my in-laws I had a survey completed on a house in Old Colwyn prior to instructing lawyers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some lenders tend not grant a mortgage on such a premises.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Old Colwyn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Old Colwyn to see if the conveyancing costs will increase in light of this.
What does commercial conveyancing in Old Colwyn cover?
Commercial conveyancing in Old Colwyn covers a wide range of guidance, provided by qualified solicitors, relating to business property. For example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I only have 68 years left on my lease in Old Colwyn. I now want to extend my lease but my landlord is absent. What should I do?
If you meet the appropriate requirements, 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. You will be obliged to prove that you or your lawyers have made all reasonable attempts to locate the landlord. On the whole a specialist may be helpful to carry out a search and to produce an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a conveyancer in relation to proving the landlord’s absence and the vesting order request to the County Court overseeing Old Colwyn.
Old Colwyn Conveyancing for Leasehold Flats - A selection of Questions you should ask Prior to Purchasing
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How much is the maintenance charge and ground rent on the property? Where a Old Colwyn lease has fewer than 80 years it will affect the salability of the apartment. It is worth checking with your lender that they are happy with the length of the lease. A short lease means that you will probably require a lease extension at some point and it is worth finding out how much this will be. Remember, in most cases you would need to own the property for two years in order to be eligible to exercise a lease extension. Does the lease contain onerous restrictions?