I purchased a freehold house in Conwy yet charged rent, why is this and what is this?
It’s unusual for properties in Conwy and has limited impact for conveyancing in Conwy 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 creation of new rentcharges from 1977 onwards.
Previous 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.
Can you clarify what the consequences are if my lawyer’s firm is removed from the Yorkshire BS Solicitor panel ahead of completing my conveyancing in Conwy?
First, this is very unlikely to happen. 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.
4 months have elapsed following my purchase conveyancing in Conwy took place. I have checked the Land Registry website which shows that I paid £200,000 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.
How does conveyancing in Conwy differ for new build properties?
Most buyers of new build or newly converted property in Conwy contact us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is constructed. This is because builders in Conwy typically acquire the site, 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 used to new build conveyancing in Conwy or who has acted in the same development.
How straightforward is it to use the search tool to select a conveyancing practitioner in Conwy on the panel for my lender?
Step one is to pick a lender such as Nationwide Building Society, Norwich and Peterborough Building Society or Clydesdale then choose your preferred area e.g. Conwy. Conveyancing firms in Conwy and across England and Wales will then be listed.