I purchased a freehold premises in Llanbedr but nevertheless pay 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 many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I have been referred to a conveyancing solicitor in Llanbedr. I I would like to check whether they are accepted on the Platform Home Loans Ltd conveyancing panel. Could you help?
The first thing to do is contact your solicitor and enquire if they can act for the lender. Alternatively please call Platform Home Loans Ltd who may be able to help.
How does conveyancing in Llanbedr differ for newly converted properties?
Most buyers of new build residence in Llanbedr come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Llanbedr typically acquire the real estate, 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.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Llanbedr is the location of the property. Can you offer any opinion?
Flying freeholds in Llanbedr are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Llanbedr you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company 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 property.
Am I best advised to go with a Llanbedr conveyancing solicitor based in the vicinity that I am purchasing? An old friend can conduct the legal work however her office is 200kilometers away.
The benefit of a local Llanbedr conveyancing firm is that you can pop in to execute documents, hand in your ID and apply pressure on them if necessary. They will also have local insight which is a plus. However 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 in the main were happy that should surpass using an unknown Llanbedr conveyancing lawyer solely due to them being local.
I've found a house that appears to tick a lot of boxes, at a great price which is making it more attractive. I have since found out that it's a leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Llanbedr. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
The majority of houses in Llanbedr are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Llanbedr so you should seriously consider shopping around for a Llanbedr conveyancing solicitor and check that they have experience in advising on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to carry out alterations. You may also be required to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer will appraise you on the various issues.
Llanbedr Leasehold Conveyancing - Sample of Questions you should ask Prior to buying
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What restrictions are contained in the Llanbedr Lease? Are any of leasehold owners in dispute over their service charge payments? The majority of Llanbedr leasehold properties will be liable to pay a service charge for maintenance of the building invoiced on behalf of the management company. Should you buy the apartment you will have to meet this liability, usually quarterly during the year. This may be anything from several hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a rentcharge to be met yearly, normally this is not a significant sum, say around £25-£75 but you should to enquire as on occasion it can be many hundreds of pounds.