I purchased a freehold premises in Bodelwyddan yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Bodelwyddan and has limited impact for conveyancing in Bodelwyddan 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.
What happens if my lawyer’s firm is suspended from the Conveyancing panel ahead of completing my conveyancing in Bodelwyddan?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Will our solicitor be asking questions concerning flooding as part of the conveyancing in Bodelwyddan.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Bodelwyddan. Plenty of people will buy a house in Bodelwyddan, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.
Lawyers are not best placed to offer advice on flood risk, but there are a number of searches that can be undertaken by the buyer or on a buyer’s behalf which will give them a better understanding of the risks in Bodelwyddan. The standard information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a standard question of the vendor to discover if the premises has ever been flooded. In the event that the premises has been flooded in past and is not notified by the vendor, then a purchaser could commence a compensation claim stemming from an inaccurate response. The purchaser’s solicitors may also commission an environmental search. This will indicate whether there is any known flood risk. If so, more detailed investigations will need to be carried out.
4 months have gone by since my purchase conveyancing in Bodelwyddan concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Am I right to be concerned by brokers that I am dealing with are recommending a factory type conveyancing firm as opposed to a High Street Bodelwyddan conveyancing firm?
As is the case with many professional services, often referrals from relatives can be most helpful. Yet there are many players in a conveyancing transaction; estate agents, financial adviser and lenders might all suggest lawyers to choose. On occasion the solicitors might be known to one of the organisations as being good in their field, but occasionally there exists a financial incentive behind the endorsement. You are at liberty to select your preferred conveyancer. Don't forget that the majority of banks specify a panel list of conveyancers you are obliged to use for the lender aspect of your home move.