I purchased a freehold residence in Risca but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Risca and has limited impact for conveyancing in Risca 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 creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
My lawyer has informed me that defective lease insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Risca?
The appropriate level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Halifax and Leeds Building Society. Conveyancing solicitors as opposed to members of the public take out such policies.
I am expecting a AIP from Bank of Ireland this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Bank of Ireland recommend any Risca solicitors on the Bank of Ireland conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Risca solicitors independently although you'll need to choose one on the Bank of Ireland conveyancing panel. The solicitor represents both you and Bank of Ireland through the process.
It is unclear whether my lender requires a lease extension. I have telephoned my Risca bank branch on various occasions and was informed it wasn't an issue and they would lend. My Risca conveyancing solicitor - who is on the lender conveyancing panel- called and was told they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
The conveyancer has to comply with the Council of Mortgage Lenders’ Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
Just bought a terraced house in Risca , What is the estimated time for the Land Registry to register the transfer to my name? My Risca conveyancing solicitor has been very slow, so I want to be certain the registration formalities are concluded.
As far as conveyancing in Risca registration is no faster or slower than anywhere else in the country. Rather than based on location, timeframes can differ subject to who lodges the application, whether there are errors and if the Land registry must send notices to any other parties. As of today approximately 80% of such applications are fully dealt with within two weeks but occasionally there can be extensive delays. Registration occurs after the new owner has moved in to the premises thus 'speed' is not always primary concern but where it is urgent that the the registration takes place urgently then you or your solicitor must speak with the land registry and explain the circumstances.
I'm purchasing my first flat in Risca benefiting from help to buy. The developers refused to budge the amount so I negotiated £7000 of fixtures and fittings instead. The house builders rep suggested that I not to tell my solicitor about this extras as it will impact 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.
Due to the advice of my in-laws I had a survey completed on a house in Risca ahead of retaining solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some lenders will refuse to issue a mortgage on such a house.
It varies from the lender to lender. HSBC has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Risca. Conveyancing may be slightly more expensive based on your lender's requirements.
I need to find a conveyancing solicitor for some conveyancing in Risca. I have chance upon a web site which seems to have the perfect answer If it is possible to get all formalities completed via email that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?