I own a freehold house 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 creation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My husband and I have arranged the release of further monies on our home loan from Co-operative as we wish to carry out renovations to our home in Rudry. Do we need to appoint a local Rudry solicitor on the Co-operative conveyancing panel to handle the legals?
Co-operative don't usually appoint a member of their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Co-operative panel.
My wife and I are spending time viewing apartments in Rudry and I am now considering a potential offer. Is it best to have my solicitor on ‘stand by’? I intend to finance via a mortgage with Nationwide.
It would be wise to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are seeking a mortgage with Nationwide, make sure you remember to check that your lawyer is on the Nationwide conveyancing panel.
I have decided to exercise my right to buy my property in Rudry off the council. I have a mortgage agreed with Aldermore. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Aldermore, you will need to appoint a solicitor on the Aldermore conveyancing panel.
I have been told that property searches are the primary reason for hinderance in Rudry house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays during the legal transfer of property. Searches are not likely to feature in any delay in conveyancing in Rudry.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Rudry is the location of the property. What do you suggest?
Flying freeholds in Rudry are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rudry you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rudry may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am thinking of appointing a conveyancing solicitor in Rudry for my purchase. Can I review a firm’s complaints history with the legal regulator?
Members of the public can see presented Solicitor Regulator Association (SRA) decisions arising from inquisitions from 2008 onwards. Go to Check a solicitor's record. To find details about the period before 1 January 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For non-uk callers, use +44 (0)121 329 6800. The SRA could monitor call for training purposes.
I work for a long established estate agency in Rudry where we see a few leasehold sales jeopardised due to short leases. I have received contradictory information from local Rudry conveyancing solicitors. Can you confirm whether the owner of a flat can commence the lease extension process for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Leasehold Conveyancing in Rudry - Sample of Queries Prior to buying
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It is important to be aware whether window replacement or some other significant cost is due in the near future that will be shared between the leasehold owners and could well dramatically impact the level of the service charges or result in a one off invoice. It would be wise to discover as much as you can about the managing agents as they will either make your living at the property much simpler or problematic. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to daily matters like the upkeep of the communal areas. You should not be afraid to ask other tenants whether they are happy with their service. In conclusion, investigate as to the dates that the maintenance charges are due to the appropriate party and specifically what you get for your money. How many of the leaseholders are in arrears for their service charge payments?