I purchased a freehold residence in Llanarth yet charged rent, why is this and what is this?
It’s unusual for properties in Llanarth and has limited impact for conveyancing in Llanarth 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 generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
3 months have gone by following my purchase conveyancing in Llanarth completed. I have checked the Land Registry website 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.
How does conveyancing in Llanarth differ for newly converted properties?
Most buyers of new build property in Llanarth approach us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because developers in Llanarth usually purchase 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 property lawyers 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 Llanarth or who has acted in the same development.
I'm remortgaging my current house to a BTL loan with Clydesdale and intend to use the remaining equity as a down payment on another property. The area we are looking at is Llanarth. Will your lawyers be able to act for both sets of banks and tie in the transactions?
Do use our comparison tool on this page to ensure that the conveyancers are on the appropriate lender panels. Having checked that they are the solicitor will be able to simultaneously deal with the two conveyancing matters but you should talk with you lawyer and communicate your desired outcome and requirements.
Should I cancel the direct debit for my mortgage with Principality once a completion date for my home sale in Llanarth has been agreed?
You are best advised to maintain paying any mortgage payments to Principality until the mortgage is paid off out of the proceeds of sale as part of your Llanarth conveyancing.