I purchased a freehold property in Llanddulas yet pay rent, why is this and what is this?

It is rare for properties in Llanddulas and has limited impact for conveyancing in Llanddulas 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 fresh 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 extinguished.

Will our lawyer be asking questions about flooding as part of the conveyancing in Llanddulas.

Flooding is a growing risk for conveyancers conducting conveyancing in Llanddulas. There are those who buy a house in Llanddulas, completely aware that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.

Solicitors are not best placed to give advice on flood risk, but there are a various searches that may be initiated by the purchaser or by their lawyers which should figure out the risks in Llanddulas. The standard property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard inquiry of the owner to determine if the premises has suffered from flooding. In the event that the residence has been flooded in past which is not disclosed by the vendor, then a purchaser could bring a legal claim for losses resulting from an misleading reply. The purchaser’s lawyers will also commission an environmental report. This should reveal whether there is a recorded flood risk. If so, more detailed inquiries will need to be initiated.

It has been 2 months following my purchase conveyancing in Llanddulas completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £180,000. 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.

What are your top tips when it comes to finding a Llanddulas conveyancing practice to carry out our lease extension conveyancing?

When appointing a property lawyer for lease extension works (regardless if they are a Llanddulas conveyancing firm) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Llanddulas conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be of use:

How many lease extensions have they conducted in Llanddulas in the last twenty four months?

I acquired a ground floor flat in Llanddulas, conveyancing having been completed May 1998. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Llanddulas with over 90 years remaining are worth £181,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2075

With just 50 years left to run the likely cost is going to range between £32,300 and £37,400 plus legals.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

The mortgage broker has recommended their property lawyer for the conveyancing in Llanddulas - won’t it be easier to just instruct them?

It is worth checking if the selling agent is recommending a conveyancer or introducing to a conveyancing practitioner. There are plenty of Llanddulas estate agents who recommend two or three Llanddulas conveyancing firms and get nothing from it.