I own a freehold premises in Stamford Bridge but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Stamford Bridge and has limited impact for conveyancing in Stamford Bridge 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 establishment 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 post 2037 is to be extinguished.

How does conveyancing in Stamford Bridge differ for new build properties?

Most buyers of new build or newly converted property in Stamford Bridge contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Stamford Bridge 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 conveyancing solicitors 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 Stamford Bridge or who has acted in the same development.

I am looking for a leasehold apartment up to £235,500 and identified one round the corner in Stamford Bridge I like with open areas and railway links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Stamford Bridge suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?

Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor about this.

As co-executor for the will of my grandfather I am selling a residence in Newport but live in Stamford Bridge. My lawyer (who is 250 kilometers awayneeds me to execute a stat dec ahead of the transaction finalising. Can you recommend a conveyancing solicitor in Stamford Bridge to attest and place their company stamp on the document?

Technically speaking you are unlikely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or qualified solicitor will suffice regardless of whether they are Stamford Bridge based

All being well we will complete the disposal of our £425,000 maisonette in Stamford Bridge next Monday. The landlords agents has quoted £336 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge such fees for a leasehold conveyance in Stamford Bridge?

For most leasehold sales in Stamford Bridge conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :

Addressing pre-exchange enquiries Where consent is required before sale in Stamford Bridge Copies of the building insurance and schedule Deeds of covenant upon sale Registering of the assignment of the change of lessee after a sale

Your conveyancer will have no control over the level of the charges for this information but the average costs for the information for Stamford Bridge leasehold property is £350. For Stamford Bridge conveyancing transactions it is customary for the seller to pay for these costs. The landlord or their agents are under no legal obligation to answer such questions most will be willing to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no law that requires fixed charges for administrative tasks. Neither is there any legal time frame by which they are required to provide answers.

Stamford Bridge Conveyancing for Leasehold Flats - Sample of Queries before buying

If a Stamford Bridge lease has no more than 80 years it will have adverse implications on the marketability of the apartment. It is worth checking with your mortgage company that they are willing to lend given the lease term. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of how much this will be. For most Stamford Bridgelease extensions you would be required to have been the owner of the residence for a couple of years in order to be eligible to extend the lease. You should want to discover as much as possible about the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you will be in the clutches of the managing agents both financially and when it comes to practical issues like the upkeep of the communal areas. Enquire of other people what they think of their management. On a final note, investigate as to the dates that the maintenance charges are due to the appropriate party and precisely what you get for your money. The prefered form of lease arrangement is where the freehold interest is owned by the leaseholders. In this scenario the tenants have control and even though a managing agent is frequently retained if it is bigger than a house conversion, the managing agent is directed by the tenants.