I purchased a freehold residence in Pentraeth but still charged rent, why is this and what is this?
It is rare for properties in Pentraeth and has limited impact for conveyancing in Pentraeth 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
What happens if my lawyer’s firm is expelled from the Leeds Building Society Solicitor panel ahead of completing my conveyancing in Pentraeth?
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.
My wife and I have a semi-detached Victorian house in Pentraeth. Conveyancing practitioner represented me and Britannia. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold with the matching property. I thought I was buying a freehold how can I check?
You should read the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Pentraeth and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the position with the conveyancing solicitor who conducted the work.
In my capacity as executor for the estate of my aunt I am disposing of a house in Swansea but live in Pentraeth. My lawyer (who is 235 miles awayneeds me to execute a stat dec ahead of completion. Could you suggest a conveyancing solicitor in Pentraeth to witness and place their company stamp on the document?
Technically speaking you are not likely to be required to have the documents witnessed by a conveyancing solicitor. Normally or notary public or qualified solicitor will be fine regardless of whether they are Pentraeth based
Planning to exchange soon on a studio apartment in Pentraeth. Conveyancing solicitors inform me that they will have a report out to me next week. What should I be looking out for?
Your report on title for your leasehold conveyancing in Pentraeth should include some of the following:
Do you need to have carpet in the flat or are you allowed wood flooring? Rent payments - what is due and when is collected, and be on notice if this is subject to change if lease provides for a slush fund? specifics of the parties to the lease, e.g. these could be the lessee, head lessor, freeholder
Pentraeth Leasehold Conveyancing - Examples of Questions you should consider Prior to buying
For most Pentraeth leaseholds the outlay for major works tend not to be included within service charges, although some managing agents in Pentraeth require leaseholders to contribute towards a reserve fund created for the specific intention of building a fund for major repairs or maintenance. It would be prudent to find out as much as you can concerning the company managing the building as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to practical issues like the upkeep of the common parts. Ask prospective neighbours if they are happy with their management. Finally, be sure you discover the dates that you are obliged pay the service charge to the managing agents and precisely how they are spending the funds. What is the name of the managing agents?