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

It is rare for properties in Littleover and has limited impact for conveyancing in Littleover 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 creation of new rentcharges post 1977.

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

I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Littleover. My lender is The Mortgage Works

The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 9/5/2024, the requirements read as follows :

How does conveyancing in Littleover differ for new build properties?

Most buyers of new build residence in Littleover contact us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Littleover typically buy 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 Littleover or who has acted in the same development.

Due to the advice of my in-laws I had a survey completed on a house in Littleover ahead of appointing lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies tend refuse to give a mortgage on a flying freehold property.

It varies from the lender to lender. HSBC has different instructions from Nationwide. Should you wish to call us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Littleover. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Littleover to see if the conveyancing will be more expensive.

Taking into account that I will soon part with over three hundred thousand on a two bedroom apartment in Littleover I wish to talk to a lawyer about myhome move ahead of instructing the firm. Can this be arranged?

Absolutely - we would be pleased to talk to you we do not take any clients on without you first talking to the solicitor who will be conducting your property ownership legalities in Littleover.There is no ‘factory style conveyancing’ - each client is unique individual, not a case reference. The solicitors that we put you in touch with believe that the figure you are provided with for residential conveyancing in Littleover should be the amount on the final invoice that you end up paying.