I am the registered owner of a freehold premises in Rudry but nevertheless pay rent, why is this and what is this?
It is rare for properties in Rudry and has limited impact for conveyancing in Rudry 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
I am assisting my step-mother sell her flat in Rudry. Does the conveyancing solicitor arrange the energy performance certificate or do I organise this?
Following the abolition of Home Packs, energy performance certificates was kept a mandatory element of moving property. An EPC should be commissioned prior to the property being marketed. This is not something that law firms ordinarily arrange. Where you are instructing a Rudry conveyancing practitioner they might be able to arrange energy assessments given their contacts with reputable local energy assessors
I just acquired a flat at auction in Rudry. Conveyancing is necessary. What are my next steps?
Having exchanged you now have to find a conveyancing solicitor quickly as you are faced with a fast approaching a drop dead date to complete the transaction. An auction property should have an associated legal set of papers. This will include the copy title deeds, local authority and drainage searches. In the case of leasehold property the legal pack may contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You should give this to your appointed conveyancing solicitor as soon as possible. You also need to ensure that you have funds organised to complete the transaction on the set completion date.
I am the sole recipient of my late grandmother’s estate and I have everything in my name alone, including the house in Rudry. The Rudry property was put into my name in June. I want to move. I understand that there is a CML six month 'rule', which means that my proprietorship could be treated the same way as though I had purchased the property in June. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be affected by that. How practical a view lenders take of it, depend on the lender as this requirement is principally there to capture subsales or the wholesaling and assigning of property.
I am purchasing my first flat in Rudry with the aid of help to buy. The builders refused to budge the amount so I negotiated 6k of additionals instead. The property agent suggested that I not to tell my lawyer about the extras as it could jeopardize my mortgage with Coventry Building Society. 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.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Rudry is the location of the property. Is there any advice you can impart?
Flying freeholds in Rudry are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Rudry you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Rudry may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Should I use a Rudry conveyancing lawyer who is local to the property I am purchasing? An old friend can execute the conveyancing but her office is a couple of hundredmiles drive away.
The primary upside of using a local Rudry conveyancing practice is that you can pop in to sign documents, deliver your ID and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were impressed that should surpass using an unfamiliar Rudry conveyancing solicitor just because they are based in the area.