I own a freehold premises in Townhill but still pay rent, why is this and what is this?

It’s unusual for properties in Townhill and has limited impact for conveyancing in Townhill 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 new rentcharges post 1977.

Old 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 extinguished.

My grandfather passed away last year and as sole heir and executor I was left the house in Townhill. The house had a relatively small loan remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to Principality, pay off the mortgage. Is this possible?

Given you intend to refinance then Principality will require that you use a conveyancer on the Principality conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Principality conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Principality mortgage is registered as a charge at the Land Registry.

I am assisting my mother sell her property in Townhill. Will the conveyancing solicitor arrange the energy assessment or it is for me to see to?

After the demise of Home Packs, energy assessments was left as a compulsory component of moving house. An energy performance certificate needs to be commissioned in advance of the property being marketed. This is not a task that lawyers ordinarily organise. If you are using a Townhill conveyancing lawyer they might help arrange energy assessments due to their contacts with long established Townhill assessors

A friend pointed out to me me that in buying a property in Townhill there could be various restrictions preventing external alterations to a property. Is this right?

We are aware of anumerous of properties in Townhill which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Townhill should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

I have been told by my solicitor that flying freehold insurance is needed on my purchase. What is the typical level of cover needed for conveyancing in Townhill?

The right level of flying freehold indemnity insurance should be dictated by who your lender. It would differ for example between Accord Mortgages Ltd and Bank of Scotland. Conveyancing lawyers as opposed to members of the public take out such insurances.

3 months have gone by since my purchase conveyancing in Townhill concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 property 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.

How does conveyancing in Townhill differ for newly converted properties?

Most buyers of new build property in Townhill come to us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Townhill usually acquire the site, 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 property lawyers 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 Townhill or who has acted in the same development.