I am acquiring a property mortgage free in Trearddur Bay. I have resided for the previous 15 years in Trearddur Bay. Conveyancing searches are exorbitant. Given that I know the road and vicinity very well should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then almost all of the Trearddur Bay conveyancing searches are optional. Your lawyer will ’encourage you, perhaps strongly, that you should have searches done, but he is duty bound to take that path of advice. Do take into account; if you are going to sell the house one day, it could be of relevance to your prospective purchaser what the searches disclose. On occasion properties with apparent issues can still throw up adverse search results. A competent conveyancing solicitor in Trearddur Bay should be able to give you some helpful guidance concerning this.
I purchased a freehold residence in Trearddur Bay but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Trearddur Bay and has limited impact for conveyancing in Trearddur Bay 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Previous 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 extinguished.
My house in Trearddur Bay is up for sale and I have accepted an offer. Does the lawyer need to be required to be on the Principality conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Principality conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.
I am purchasing my first flat in Trearddur Bay benefiting from help to buy. The sellers refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent told me not to tell my conveyancer about the deal 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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Trearddur Bay is the location of the property. What do you suggest?
Flying freeholds in Trearddur Bay are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Trearddur Bay you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Trearddur Bay 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 residence.
We expect to complete our sale of a £475,000 apartment in Trearddur Bay on Friday in a week. The managing agents has quoted £420 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is the landlord entitled to charge such fees for a leasehold conveyance in Trearddur Bay?
Trearddur Bay conveyancing on leasehold flats often involves the purchaser’s conveyancer sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to address such questions most will be content to do so. They are entitled to charge a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is £350, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of rights and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has no option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I invested in buying a ground floor flat in Trearddur Bay, conveyancing having been completed in 2009. Can you work out an approximate cost of a lease extension? Equivalent properties in Trearddur Bay with an extended lease are worth £171,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease terminates on 21st October 2104
With 79 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.