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Recently asked questions about conveyancing in Caerleon

I am the registered owner of a freehold residence in Caerleon yet invoiced for rent, why is this and what is this?

It is rare for properties in Caerleon and has limited impact for conveyancing in Caerleon 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 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 post 2037 is to be dispensed with completely.

I note that there are debates on Chancel Insurance on online forums. Do I need this when purchasing a property in Caerleon? or Apparently there is a law dating back centuries that means some homeowners living in a parish church boundary will be compelled to contribute towards repairs to the chancel in proximity to the church. Is this relevant for conveyancing in Caerleon?

Unless a prior acquisition of the premises completed after 12 October 2013 you can expect conveyancing practitioners conducting conveyancing in Caerleon to continue to propose a a chancel search and or chancel repair liability insurance.

I am purchasing my first flat in Caerleon benefiting from help to buy. The builders would not budge the price so I negotiated £7000 of extras instead. The house builders rep told me not to tell my lawyer about the extras as it will adversely affect my loan with Aldermore. Is this normal?.

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.

Due to the guidance of my in-laws I had a survey completed on a house in Caerleon in advance of instructing conveyancers. I have been advised that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies may refuse to give a mortgage on such a premises.

It depends who your proposed lender is. Santander has different requirements from Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Caerleon. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Caerleon to see if the conveyancing costs will increase in light of this.

Do you have any top tips for leasehold conveyancing in Caerleon with the aim of saving time on the sale process?

  • A significant proportion of the delay in leasehold conveyancing in Caerleon can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold information which will be required by the buyers’ representatives.
  • Some Caerleon leases require Licence to Assign from the landlord. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Caerleon state that internal structural alterations or laying down wooden flooring calls for a licence issued by the Landlord approving such works. If you dont have the consents in place you should not communicate with the landlord without contacting your lawyer in the first instance. If you are supposed to have a share in the Management Company, you should make sure that you have the original share document. Arranging a new share certificate can be a lengthy process and slows down many a Caerleon conveyancing deal. Where a duplicate share certificate is needed, you should approach the company director and secretary or managing agents (if applicable) for this sooner rather than later. If you have had conflict with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be nervous about purchasing a flat where there is an ongoing dispute. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the buyers, but it is better to reveal the dispute as historic rather than unresolved.

I inherited a 1 bedroom flat in Caerleon, conveyancing having been completed 9 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar properties in Caerleon with a long lease are worth £186,000. The ground rent is £55 levied per year. The lease expires on 21st October 2071

With only 52 years left to run the likely cost is going to be between £29,500 and £34,000 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of 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 clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

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Find out more about how flying freehold can affect your the value of a property.