I own a freehold property in Pentwyn yet pay rent, why is this and what is this?
It’s unusual for properties in Pentwyn and has limited impact for conveyancing in Pentwyn 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 creation 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 post 2037 will be dispensed with completely.
My Conveyancer in Pentwyn is not listed on the Yorkshire Building Society Approved Panel. Is it possible for me to continue with my family solicitor notwithstanding that they are not on the Yorkshire Building Society list of approved lawyers?
The limited options available to you here include:
- Complete the purchase with your preferred Pentwyn solicitors but Yorkshire Building Society will need to instruct a lawyer on their list of acceptable firms. This will result in additional total legal charges as well as result in delays.
- Find an alternative lawyer to act in the conveyancing, not forgetting to check they are Yorkshire Building Society approved.
- Persuade your Yorkshire Building Society based solicitor to try to join the Yorkshire Building Society panel
Do I need to pay for insurance to cover chancel repairs when buying a house in Pentwyn?
Unless a prior purchase of the premises completed after 12 October 2013 you may assume that lawyers conducting conveyancing in Pentwyn to remain recommending a chancel search and or chancel repair liability policy.
How does conveyancing in Pentwyn differ for new build properties?
Most buyers of new build premises in Pentwyn come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Pentwyn usually acquire the real estate, 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 conveyancing solicitors 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 Pentwyn or who has acted in the same development.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it more attractive. I have since discovered that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Pentwyn. Conveyancing lawyers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Pentwyn ?
The majority of houses in Pentwyn are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Pentwyn in which case you should be looking for a Pentwyn conveyancing solicitor and check that they are used to advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your lawyer will appraise you on the various issues.