I am need of leasehold conveyancing for a flat in a fairly new development (seven years built) in Risca. 95% of the appartments are already disposed of. Do I need carry out the conveyancing searches as part of conveyancing in Risca?
You are opening yourself up to an unnecessary risk in refusing to carrying out Risca conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would strongly advise in the strongest possible terms that your conveyancer conducts them. Where time pressures and expenses are primary issues you should consider with your lawyer about the options such as contingency insurance available to you
I own 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 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 in 2037 is to be dispensed with completely.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to sign the legal charge? If so, I will choose one who does conveyancing in Risca so that I can attend their offices if necessary.
Most approved lawyers for lenders conduct all of the communications through the post, e-mail or over the phone. This enables them to conduct the legal work for your home move no matter where you live in the country. That being said you should see if you have the option of going to the offices of your conveyancing lawyer if you prefer.
It has been five months since my purchase conveyancing in Risca concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am buying a new build flat in Risca. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Risca
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If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please confirm the Lease plans are architect prepared.
Do you have any top tips for leasehold conveyancing in Risca with the purpose of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Risca can be reduced if you instruct lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the purchasers’ representatives. If you have had conflict with your landlord or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than unresolved. A minority of Risca leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you are supposed to have a share in the Management Company, you should ensure that you hold the original share document. Obtaining a replacement share certificate is often a lengthy process and slows down many a Risca home move. If a reissued share is needed, do contact the company director and secretary or managing agents (where relevant) for this at the earliest opportunity.
I am the registered owner of a 1 bedroom flat in Risca, conveyancing was carried out 5 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Risca with a long lease are worth £211,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 2092
You have 67 years left to run we estimate the price of your lease extension to be between £10,500 and £12,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.