Me and my partner are due to exchange buying a house in Penrhyn Bay but as a consequence of wreckage from the recent storms I have was able negotiate compensation from the current proprietors in the sum of £3k in the form of a reduction in the price. This was going to be addressed as part of amending the contract but TSB will not permit this. Should they have been involved?
Your conveyancing practitioner being on a TSB conveyancing panel is duty bound to advise TSB of any changes to the purchase price. If you were to refuse your property lawyer to disclose the price change to TSB then they would have to discontinue acting for you. In addition, TSB and you would have to appoint a new property lawyer for your conveyancing in Penrhyn Bay.
I am the registered owner of a freehold premises in Penrhyn Bay but still 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 date back hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.
The Penrhyn Bay conveyancing firm that just started acting on my house acquisition in Penrhyn Bay have without warning closed. I chose them because I needed a lawyer on the Yorkshire BS conveyancing panel and my family Penrhyn Bay lawyer was not. I cut them a cheque for two hundred pounds in advance. What are my options?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Yorkshire BS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors should be in a position to assist.
How does conveyancing in Penrhyn Bay differ for newly converted properties?
Most buyers of new build premises in Penrhyn Bay contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Penrhyn Bay typically acquire the land, 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 conveyancers 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 accustomed to new build conveyancing in Penrhyn Bay or who has acted in the same development.
Can you set out some of specific advantages to instructing a high street property lawyer in Penrhyn Bay
A significant proportion of house movers in Penrhyn Bay opt for a local lawyer so that they can attend the firm’s offices in the event that they have problems, and to deliver paperwork rather taking the chance of depending on the Royal Mail.
We would say that there exists a slight edge in opting for a solicitor nearby to a premises you are hoping to purchase, due to the familiarity of the region and potential local issues - but this is moot. Many conveyancers are now via email and may be anywhere in the world.