I purchased a freehold property in Maesteg yet charged rent, why is this and what is this?
It’s unusual for properties in Maesteg and has limited impact for conveyancing in Maesteg 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 establishment of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
How does conveyancing in Maesteg differ for newly converted properties?
Most buyers of new build property in Maesteg approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is constructed. This is because house builders in Maesteg usually acquire 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 used to new build conveyancing in Maesteg or who has acted in the same development.
I am looking for a flat up to £245,000 and identified one near me in Maesteg I like with a park and station in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Maesteg for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a home loan the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you can request that they start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I only have Seventy years remaining on my lease in Maesteg. I now wish to extend my lease but my freeholder is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be extended by the magistrate. You will be obliged to prove that you have used your best endeavours to find the landlord. For most situations an enquiry agent may be helpful to try and locate and to produce a report which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the application to the County Court covering Maesteg.
Leasehold Conveyancing in Maesteg - A selection of Questions you should consider Prior to buying
It would be wise to investigate if there is anything that is prohibited in the lease. For example plenty of leases prohibit pets being allowed in in a block in Maesteg. If you like the flatin Maesteg but your dog is not allowed to move with you then you will be presented with a difficult decision. Are any of leasehold owners in arrears of their service charge payments? Its a good idea to discover as much as you can concerning the managing agents as they can either make your living at the property much easier or uncomfortable. As the proprietor of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to every day matters like the tidiness of the communal areas. Enquire of other tenants what they think of them. On a final note, be sure you understand the dates that you are obliged pay the service charge to the managing agents and precisely what it includes.
New build sellers have recommended to me a conveyancer and I've obtained an estimate from them. It's almost three hundred pounds cheaper than my preferred Maesteg conveyancer. What's the catch?
Housebuilders often have lists of conveyancers who expedite matters and who know the builder's documentation and conveyancing practitioner. As many developers offer an incentive to use their approved solicitor for this reason, any increased cost can be avoided and a developer will not suggest a conveyancing factory and run the risk of having the transaction delayed when they require an exchange in 28 days. A counter-argument for not agreeing to use the recommended solicitor is that they may prove unwilling to 'push' your interests at the risk of upsetting the developer. Where you have concerns that this may be the situation you should stick with your high street Maesteg property lawyer.