I own a freehold premises in Rhyl but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Rhyl and has limited impact for conveyancing in Rhyl 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.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
I purchased a renovated Georgian house in Rhyl. Conveyancing lawyer acted for me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the exact same address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Rhyl and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with the conveyancing practitioner who conducted the purchase.
Due to the input of my in-laws I had a survey completed on a property in Rhyl ahead of appointing solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor has said that some mortgage companies may not give a mortgage on this type of property.
It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you call us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Rhyl. Conveyancing will be smoother if you use a solicitor in Rhyl especially if they are acquainted with such properties in Rhyl.
Do I need to be suspicious about 3rd parties that I am dealing with are suggesting a nationwide conveyancing firm rather than a High Street Rhyl conveyancing practice?
As is the case with many professional services, often suggestions from connections can be most helpful. Yet there are numerous people with a vested interest in a conveyancing matter; estate agents, financial adviser and mortgage companies might all put forward lawyers to choose. On occasion the lawyers might be known to one of the organisations as being good in their field, but sometimes there may be a financial incentive behind the endorsement. You have the right to choose your preferred conveyancer. However, bear in mind that many lenders operate an approved list of law firms you are obliged to use for the mortgage related work in your house move.
In relation to leasehold conveyancing in Rhyl what are the most common lease problems?
Leasehold conveyancing in Rhyl is not unique. Most leases are drafted differently and drafting errors can result in certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage
A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Royal Bank of Scotland, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the buyer to withdraw.
Rhyl Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
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Make sure you discover if there are any onerous prohibitions in the lease. For instance it is reasonably common in Rhyl leases that pets are not allowed in certain buildings in Rhyl. If you love the propertyin Rhyl however your cat is not allowed to live with you then you will be faced hard determination. Best to be warned whether redecorating or some other major work is anticipated that will be shared between the leasehold owners and will dramatically impact the level of the service costs or require a specific invoice.
When it comes to my conveyancing in Rhyl should I be charged VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Rhyl conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.