I am the registered owner of a freehold house in Ystrad Mynach but still charged rent, why is this and what is this?

It’s unusual for properties in Ystrad Mynach and has limited impact for conveyancing in Ystrad Mynach 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 generation of new rentcharges from 1977 onwards.

Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.

Should our solicitor be making enquiries regarding flooding during the conveyancing in Ystrad Mynach.

The risk of flooding is if increasing concern for solicitors specialising in conveyancing in Ystrad Mynach. Plenty of people will buy a house in Ystrad Mynach, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.

Solicitors are not best placed to impart advice on flood risk, however there are a various checks that may be undertaken by the purchaser or by their lawyers which should figure out the risks in Ystrad Mynach. The standard property information forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the seller to discover whether the property has historically flooded. If the premises has been flooded in past which is not notified by the owner, then a purchaser may commence a claim for damages stemming from an inaccurate answer. The purchaser’s solicitors should also conduct an enviro report. This should disclose whether there is a recorded flood risk. If so, additional investigations will need to be carried out.

How does conveyancing in Ystrad Mynach differ for new build properties?

Most buyers of new build or newly converted property in Ystrad Mynach contact us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because new home sellers in Ystrad Mynach typically buy the site, 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 property lawyers 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 Ystrad Mynach or who has acted in the same development.

I have been on the look out for a ground for flat up to £195,000 and found one near me in Ystrad Mynach I like with a park and railway links nearby, the downside is that it's only got 61 years on the lease. I can't really find anything else in Ystrad Mynach for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?

If you need a home loan that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.

I work for a reputable estate agent office in Ystrad Mynach where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Ystrad Mynach conveyancing solicitors. Could you clarify whether the owner of a flat can start the lease extension formalities for the buyer?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Leasehold Conveyancing in Ystrad Mynach - A selection of Queries before Purchasing

Does the lease contain onerous restrictions? This information is important as a) areas may cause problems for the building as the common areas may begin to deteriorate where repairs remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have all the details