I own a freehold property in Cowbridge but still pay rent, why is this and what is this?
It is rare for properties in Cowbridge and has limited impact for conveyancing in Cowbridge 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 new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I opted to have a survey done on a property in Cowbridge in advance of retaining lawyers. I have been informed that there is a flying freehold element to the property. My surveyor has said that some banks will not grant a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions from Halifax. Should you wish to telephone us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cowbridge. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Cowbridge to see if the conveyancing costs will increase in light of this.
Taking into account that I am about to spend hundreds of thousands of pounds on a terraced house in Cowbridge I would like to have a conversation with the conveyancer concerning theconveyancing in advance of instructing the firm. Is this something that you can arrange?
Absolutely - it is our preference to talk to you we do not take any clients on without you liaising with the lawyer due to be carrying out your property ownership legalities in Cowbridge.There is no ‘factory style conveyancing’ - every client is an important individual, not a case reference. The practices that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Cowbridge should be the amount on the final invoice that you are charged.
Should I use a Cowbridge conveyancing solicitor who is local to the property I am purchasing? We have a good friend who can conduct the legal work however her office is 400kilometers away.
The benefit of a high street Cowbridge conveyancing practice is that you can visit the firm to execute documents, present your ID and apply pressure on them where appropriate. They will also have local knowledge which is a bonus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and the majority were content that should outweigh using an unknown Cowbridge conveyancing solicitor solely due to them being Cowbridge based.
Last January I purchased a leasehold flat in Cowbridge. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Cowbridge Conveyancing for Leasehold Flats - Examples of Queries before buying
The answer will be important as a) areas can cause problems in the building as the communal areas may start to deteriorate where repairs are not paid for b) if the tenants have an issue with the running of the building you will need to know about it Its a good idea to discover as much as you can concerning the managing agents as they can either make living at the property much easier or uncomfortable. As the owner of a leasehold property you are often at the mercy of the managing agents both financially and when it comes to day to day issues such as the cleanliness of the common parts. Enquire of other tenants what they think of their management. On a final note, investigate as to the dates that you are obliged pay the service charge to the managing agents and specifically how they are spending that money. Are any of leasehold owners in arrears of their service charge liability?