I am the registered owner of a freehold house in Prestatyn yet charged rent, why is this and what is this?
It is rare for properties in Prestatyn and has limited impact for conveyancing in Prestatyn 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
We wanted to use a conveyancing solicitor in Prestatyn for our house move. Our broker has since advised us that our bank Norwich and Peterborough Building Society won't deal with them. Surely this is unduly restrictive?
Lenders in the main restrict either the type or the number of conveyancing firms on their member panel. A common example of such restriction(s) being that a firm must not be a sole practitioner. In addition to restricting the type of firm, a few lenders have decided to limit the amount of firms they use to represent them. You should note that Norwich and Peterborough Building Society have no responsibility for the quality of advice provided by any member of Norwich and Peterborough Building Society Conveyancer Panel. Mortgage fraud was a primary driver in the reduction of solicitor panels since 2008 even though there are differing opinions concerning the level of solicitor involvement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Prestatyn only execute a couple conveyances a year.
How does conveyancing in Prestatyn differ for new build properties?
Most buyers of new build residence in Prestatyn come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because developers in Prestatyn tend to buy the land, 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 accustomed to new build conveyancing in Prestatyn or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Prestatyn is the location of the property. Can you shed any light on this issue?
Flying freeholds in Prestatyn are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Prestatyn you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Prestatyn 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.
What makes your site different to other online quote calculators when it comes to conveyancing in Prestatyn?
At this site receive an accurate quote via a Solicitor or Licensed Conveyancer that has a full understanding of the nuances of your conveyancing in Prestatyn. Unlike many estate agents and many comparison sites we do not have kick-back deals with solicitors. A large number of agents and online brokers 'recommend' solicitors paying the most commission, rather than the best value conveyancing in Prestatyn
Finally our conveyancing in Prestatyn completes on Friday, but the sellers I am buying off has asked to move out on the Saturday PM. Can I accept such a plan?
In situations where you are having a loan then your lawyer will demand that you have vacant possession on Friday - the lending institution will compel it.