My partner and I are buying a new build apartment in Rudry and my solicitor is informing me that she has to the lender to reveal incentives from the seller. I am on a tight deadline to exchange contracts and I would rather not delay the conveyancing. Is my lawyer right?
You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I purchased a freehold residence in Rudry yet pay rent, why is this and what is this?
It’s unusual for properties in Rudry and has limited impact for conveyancing in Rudry 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
About to purchase a new build apartment in Rudry. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Rudry
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Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? 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. Please supply a car parking plan. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.
I'm remortgaging my primary house to a buy to let loan with Accord Mortgages Ltd and I will use the rest of the raised equity as a deposit on a second house. The area we are talking about is Rudry. Will your solicitors be able to act for both sets of banks and link together the transactions?
Do use our comparison tool on this site to check that the conveyancers are on the appropriate lender panels. Assuming that they are your lawyer will be able to connect the two deals but you should have a chat with you solicitor and make apparent your expectations and needs.
Am I best advised to go with a Rudry conveyancing lawyer who is local to the property I am buying? We have a good friend who can carry out the legal work but they are based over three hundred miles drive away.
The benefit of a local Rudry conveyancing practice is that you can attend the office to execute paperwork, present your ID and apply pressure on them if necessary. They will also have local intelligence which is a benefit. That being said it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and on the whole were impressed that must trump using an unknown Rudry conveyancing lawyer just because they are round the corner.
Can you offer any advice when it comes to choosing a Rudry conveyancing practice to deal with our lease extension?
If you are instructing a conveyancer for lease extension works (regardless if they are a Rudry conveyancing practice) it is essential that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you talk with several firms including non Rudry conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be useful:
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What volume of lease extensions has the firm completed in Rudry in the last 12 months?
I inherited a studio flat in Rudry, conveyancing formalities finalised in 2006. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Rudry with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2100
With only 75 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.