I purchased a freehold residence in Penrhyn Bay yet invoiced for rent, why is this and what is this?

It’s unusual for properties in Penrhyn Bay and has limited impact for conveyancing in Penrhyn Bay 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 post 1977.

Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.

What is your number one tip for finding a conveyancing solicitor in Penrhyn Bay

It would be unwise to be seduced by the cheapest Penrhyn Bay conveyancing quote. You really do get what you’re paying for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.

I have instructed a Penrhyn Bay lawyer having made sure that they are on the RBS conveyancing panel. Does my lawyer arrange the survey of the property?

RBS will need an independent valuation of the property. Your lawyer will not arrange this. Usually RBS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Penrhyn Bay surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.

Coventry BS have agreed my home loan in principle, my bid on a apartment in Penrhyn Bay has been agreed to, now what?

The estate agent will want to be informed of your conveyancer's details (make sure the conveyancing practitioners are on the lender’s panel). Call up Coventry BS or your financial adviser and complete any relevant forms. Coventry BS will sellect a valuer who will get in contact with the estate agent or seller to schedule a time for the valuation to happen. Once carried out (assuming no problems) it takes approximately a week to receive the mortgage offer. Coventry BS will issue the offer to you and your property lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Penrhyn Bay.

I am buying a new build house in Penrhyn Bay with a loan from Lloyds TSB Bank. The developers refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not to tell my lawyer about this deal as it could put at risk my loan with the bank. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I've recently found out that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Penrhyn Bay is the location of the property. Can you offer any opinion?

Flying freeholds in Penrhyn Bay are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Penrhyn Bay you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Penrhyn Bay may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.

I've recently bought a leasehold flat in Penrhyn Bay. Am I liable to pay service charges for periods before my ownership?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I inherited a garden flat in Penrhyn Bay, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Penrhyn Bay with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2076

With just 52 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.