I own a freehold house in Llanbedr but still invoiced for rent, why is this and what is this?
It is rare for properties in Llanbedr and has limited impact for conveyancing in Llanbedr 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 creation of new rentcharges from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.
I have been referred to a conveyancing solicitor in Llanbedr. I need to find out if they are accepted on the Barclays conveyancing panel. Could you or the lender confirm if they are on the panel?
The first thing you should do is phone your solicitor and enquire whether they can act for the lender. Alternatively please call Barclays who may be able to assist.
How does conveyancing in Llanbedr differ for new build properties?
Most buyers of new build or newly converted property in Llanbedr approach us having been asked by the seller to sign contracts and commit to the purchase even before the property is finished. This is because builders in Llanbedr tend to purchase 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 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 accustomed to new build conveyancing in Llanbedr or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Llanbedr is the location of the property. Can you offer any assistance?
Flying freeholds in Llanbedr are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Llanbedr you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Llanbedr may determine 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 premises.
Should I go with a Llanbedr conveyancing lawyer based in the location that I am buying? I have an old university friend who can handle the legal work but her office is approximately 350miles drive away.
The primary upside of using a high street Llanbedr conveyancing practice is that you can pop in to execute paperwork, present your ID and pester them where appropriate. They will also have local insight which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and they were content that must trump using an unknown Llanbedr conveyancing solicitor solely due to them being based in the area.
I've found a house that seems to meet my requirements, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns buying a leasehold house in Llanbedr. Conveyancing lawyers have not yet been instructed. Will they explain the issues?
Most houses in Llanbedr are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Llanbedr so you should seriously consider looking for a Llanbedr conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your conveyancer should appraise you on the various issues.
Llanbedr Leasehold Conveyancing - A selection of Questions you should ask Prior to Purchasing
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What is the the remaining lease term? It is important to be aware if fixing the lift or some other significant cost is coming up that will be shared amongst the tenants and could well dramatically increase the the service costs or require a one time payment.