I purchased a freehold premises in Abertillery yet charged rent, why is this and what is this?
It is rare for properties in Abertillery and has limited impact for conveyancing in Abertillery 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
What will a local search reveal concerning the property we're purchasing in Abertillery?
Abertillery conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company such as Onsearch The local search is essential in every Abertillery conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search should supply data on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
How does conveyancing in Abertillery differ for newly converted properties?
Most buyers of new build residence in Abertillery come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because house builders in Abertillery tend to buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Abertillery or who has acted in the same development.
My husband and I are new to the buying process - had an offer accepted, yet the property agent informed us that the seller will only proceed if we appoint their preferred conveyancers as they need a ‘quick sale’. We would rather use a family solicitor accustomed to conveyancing in Abertillery
It is improbable the owners are driving this. If they want ‘a quick sale', taking such a hostile approach to a serious buyer is likely to cause more damage than good. Avoid the agents and go straight to the sellers and make the point that (a)you are motivated buyers (b)you are ready to progress, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to appoint your preferred Abertillery conveyancing firm - not the ones that will provide their estate agent a introducer fee or achieve conveyancing figures pre-set by HQ.
My wife and I purchased a leasehold flat in Abertillery. Conveyancing and Santander mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Abertillery who previously acted has now retired. What should I do?
The first thing you should do is contact the Land Registry to be sure that this person is indeed the new freeholder. There is no need to incur the fees of a Abertillery conveyancing practitioner to do this as you can do this on the Land Registry website for less than a fiver. Rest assured that in any event, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a split level flat in Abertillery, conveyancing having been completed February 2005. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Abertillery with over 90 years remaining are worth £180,000. The ground rent is £65 invoiced every year. The lease expires on 21st October 2079
You have 59 years unexpired we estimate the price of your lease extension to be between £20,900 and £24,200 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.