I purchased a freehold house in Pwllheli but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Pwllheli and has limited impact for conveyancing in Pwllheli 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 generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.
My fiance and I wish to acquire a 3 bedroom apartment in Pwllheli with a loan from Bank of Ireland.We like our Pwllheli conveyancing practitioner but Bank of Ireland informed us she’s not listed on their approved list of member firms. we are left little option but to use a Bank of Ireland panel firm or retain our local solicitor and pay for a Bank of Ireland panel lawyer to represent them. We feel as though this is unjust; is there anything we can do?
Unfortunately,no. The home loan offered to you is subject to its terms and conditions, a common one being that lawyers will be on the Bank of Ireland conveyancing panel. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find 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. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Bank of Ireland
Will commercial conveyancing searches disclose proposed roadworks that could affect a commercial land in Pwllheli?
Many commercial conveyancing solicitors in Pwllheli will order a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in looking into accurate data on highways that impact buildings and development assets in Pwllheli. The report provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Pwllheli.
For each commercial conveyancing transaction in Pwllheli it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could result in delays to Pwllheli commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not conducted for residential conveyancing in Pwllheli.
My wife and I have a renovated Victorian house in Pwllheli. Conveyancing practitioner represented me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the matching property. If a house is not a freehold shouldn't I have been informed?
You need to assess the Freehold register you have again and check the Charges Register as there may be 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 Pwllheli and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing solicitor who conducted the purchase.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one near me in Pwllheli I like with open areas and railway links in the vicinity, the downside is that it only has 61 years on the lease. There is not much else in Pwllheli in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you require a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
We have been told by numerous friends to expect 6-8 weeks for Pwllheli conveyancing to complete.This was 3 ago. The paperwork was only forwarded to my lawyer yesterday so now does it countdown?
No definitive time frame exists for conveyancing in Pwllheli. Conveyancing is subject to too much unpredictabilities. Pwllheli conveyancing searches alone could take some weeks to come back.