I purchased a freehold house in Llanwrda yet charged rent, why is this and what is this?

It’s unusual for properties in Llanwrda and has limited impact for conveyancing in Llanwrda 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 establishment of fresh rentcharges from 1977 onwards.

Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.

Are the BSA planning on creating a search tool with a view to to identify solicitors on the Earl Shilton BS conveyancing panel for instance in Llanwrda?

We would not expect to be advised of any plans on the part of the BSA to promote such a search facility.

I happen to be the single beneficiary of my late grandmother’s will with all property in now in my sole name, including the my former home in Llanwrda. The Llanwrda property was put into my name in October. I want to move. I do know about the CML 6 month 'rule', which means that my proprietorship will be considered the same way as though I had purchased the property in October. Do I have to wait half a year to sell?

The Council of Mortgage Lenders’ handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How practical a view mortgage companies take of it, depend on the lender as this clause chiefly exists to identify subsales or the wholesaling and assigning of property.

My wife and I are in the process of looking at houses in Llanwrda and I am now considering a potential offer. Is it best to have my lawyer on ‘stand by’? I intend to finance via a mortgage with Bank of Ireland.

It would be sensible to start your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their contact information on to the EA. As you are obtaining a mortgage with Bank of Ireland, ask your prospective lawyers if they are on the Bank of Ireland conveyancing panel otherwise they can't do the mortgage legal work.

Our offer on a house in Llanwrda has been accepted, but there is a chain. The vendors have offered on a flat, but it’s not been accepted yet, and are looking at other flats in the pipeline. I have instructed a nearby conveyancing solicitor in Llanwrda. What do I do now? At what stage should I apply for the mortgage with Principality?

It is normal to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket too early (home loan application is in the region of one thousand pounds, then survey, Llanwrda conveyancing search fees, etc). The first thing to do is ensure that your conveyancer is on the Principality approved list. As to the next steps this very much depends on the specifics of your transaction, desire for the property and on the state of the market. During a buoyant market the majority of buyers would apply for a home loan with Principality and pay for the valuation and only if it was satisfactory would they request their solicitor to move forward with searches.

I need to find a conveyancing solicitor for sale conveyancing in Llanwrda. I have discover a web site which looks to be the ideal solution If there is a chance to get all this stuff done via web that would be preferable. Do I need to be wary? What should out be looking out for?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

Can you provide any advice for leasehold conveyancing in Llanwrda with the aim of speeding up the sale process?

• Much of the delay in leasehold conveyancing in Llanwrda can be bypassed where you get in touch lawyers as soon as you market your property and request that they start to put together the leasehold information which will be required by the purchasers’ representatives.
Some Llanwrda leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference should make it clear that the buyer is financially capable of paying the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. Many freeholders or managing agents in Llanwrda charge for providing management packs for a leasehold premises. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus reducing delays. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most common cause of delay in leasehold conveyancing in Llanwrda. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be reluctant to purchase a flat where there is an ongoing dispute. You will have to accept that you will have to discharge any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is clearly preferable to present the dispute as historic rather than ongoing.

Llanwrda Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to Purchasing

How many of the leaseholders are in arrears for their maintenance charge payments? The answer will be important as a) areas may result in problems in the building as the communal areas may start to deteriorate where maintenance remain unpaid b) if the leaseholders have a dispute with the managing agents you will need to have all the details The best form of lease arrangement is a share of the freehold. In this scenario the tenants enjoy being in charge if their destiny and although a managing agent is often retained if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.