I purchased a freehold residence in Bassaleg yet pay rent, why is this and what is this?
It’s unusual for properties in Bassaleg and has limited impact for conveyancing in Bassaleg 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 establishment of fresh 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 in 2037 will be dispensed with completely.
What does a local search inform me regarding the house we're purchasing in Bassaleg?
Bassaleg conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for instance Xpress Legal The local search plays an important role in most Bassaleg conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search will reveal information 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 topic headings.
The deeds to our house are lost. The lawyers who conducted the conveyancing in Bassaleg 5 years ago have long since closed. What are my next steps?
Gone are the days when you need to hold title original deeds to evidence that you own the land or property, given that the Land Registry hold details of all registered land or property electronically.
How does conveyancing in Bassaleg differ for newly converted properties?
Most buyers of new build premises in Bassaleg come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Bassaleg tend to acquire the site, 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 property lawyers 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 Bassaleg or who has acted in the same development.
Am I best advised to choose a Bassaleg conveyancing practitioner based in the location that I am hoping to buy? We have a good friend who can deal with the legal formalities however his firm is located approximately 350kilometers away.
The primary upside of using a high street Bassaleg conveyancing practice is that you can drop in to sign paperwork, hand in your ID and pester them where appropriate. Having local Bassaleg know how 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 in the main were content that must trump using an unknown Bassaleg conveyancing solicitor just because they are round the corner.