I own a freehold premises in Roath but nevertheless charged rent, why is this and what is this?

It is rare for properties in Roath and has limited impact for conveyancing in Roath 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 generation of new rentcharges from 1977 onwards.

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

i am purchasing my first flat in Roath with a loan from . The builders would not move on the amount so I negotiated 6k of additionals instead. The house builders rep advised me not to tell my lawyer about this extras as it could put at risk my mortgage with the bank. Do I keep my lawyer in the dark?.

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.

I opted to have a survey done on a property in Roath in advance of instructing lawyers. I have been informed that there is a flying freehold element to the house. The surveyor has said that some banks may refuse to issue a mortgage on a flying freehold premises.

It depends who your proposed lender is. Santander has different requirements for example to Nationwide. Should you wish to telephone us we can check 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 Roath. Conveyancing may be slightly more expensive based on your lender's requirements.