I purchased a freehold property in Llay yet charged rent, why is this and what is this?
It is rare for properties in Llay and has limited impact for conveyancing in Llay 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 fresh rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
Should my solicitor be making enquiries concerning flooding as part of the conveyancing in Llay.
Flooding is a growing risk for conveyancers dealing with homes in Llay. Some people will buy a property in Llay, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not best placed to impart advice on flood risk, however there are a various checks that may be undertaken by the purchaser or on a buyer’s behalf which can give them a better appreciation of the risks in Llay. The standard property information forms given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a standard inquiry of the seller to discover if the premises has suffered from flooding. In the event that flooding has previously occurred and is not revealed by the vendor, then a buyer could commence a claim for damages as a result of such an misleading reply. A buyer’s lawyers may also conduct an environmental report. This should indicate whether there is any known flood risk. If so, additional inquiries should be initiated.
Due to the advice of my in-laws I had a survey completed on a property in Llay ahead of retaining lawyers. I have been informed that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies will refuse to grant a loan on this type of property.
It depends who your proposed lender is. Bank of Scotland has different requirements from Halifax. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Llay. Conveyancing may be slightly more expensive based on your lender's requirements.
My husband and I are new to the buying process - agreed a price, yet the selling agent told us that the vendor will only move forward if we appoint the agent's preferred lawyers as they want a ‘quick sale’. We would rather use a local solicitor who is familiar with conveyancing in Llay
We suspect that the seller is unaware of this requirement. Should the owner require ‘a quick sale', turning down a motivated buyer is counter productive. Speak to the owners direct and explain that (a)you are genuine buyers (b)you are ready to progress, with finances arranged © you do not need to sell (d) you wish to move quickly (e)but you are going to appoint your preferred Llay conveyancing firm - rather thanthose that will earn their estate agent a commission or meet his conveyancing thresholds pre-set by head office.
I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are issues purchasing a house with a leasehold title in Llay. Conveyancing solicitors have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Llay ?
Most houses in Llay are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can help the conveyancing process. it is apparent that you are purchasing in Llay so you should seriously consider looking for a Llay conveyancing practitioner and check that they are used to advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the landlord’sconsent to carry out changes to the property. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your conveyancer should advise you fully on all the issues.
Leasehold Conveyancing in Llay - Examples of Queries before buying
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On the whole the cost for major works tend not to be built into the service charges, albeit that there some managing agents in Llay obliged leasehold owners to pay into a sinking fund and this is used to offset against major works. Are any of leasehold owners in arrears of their service charge liability?
My fiance and I are buying a four bedroom first floor flatin Llay with a loan from a mortgage company. We wish to instruct our solicitor in Llay yet our mortgage company advise she’s not approved on their "panel". It seems we have little choice but to instruct from the our mortgage company panel solicitors or stay with our Llay conveyancer and incur the extra costs for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that our lender use our Llay lawyer?
Unfortunately,no. The mortgage company mortgage offered to you is subject to conditions, one of which will be that solicitors will on the lender's conveyancing panel. in the past, most lenders had large numbers of law firms on their panels, including almost all conveyancing solicitors in Llay : a mortgagee could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for your mortgage company.