I purchased a freehold premises in West Derby but nevertheless charged rent, why is this and what is this?

It’s unusual for properties in West Derby and has limited impact for conveyancing in West Derby 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 fresh rentcharges from 1977 onwards.

Previous 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.

Do I need to pay for insurance to cover chancel repairs when buying a property in West Derby?

Unless a prior purchase of the property completed post 12 October 2013 you can assume that conveyancing practitioners delivering conveyancing in West Derby to remain recommending a chancel search and or insurance against a claim.

How does conveyancing in West Derby differ for new build properties?

Most buyers of new build or newly converted property in West Derby come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is constructed. This is because builders in West Derby 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 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 West Derby or who has acted in the same development.

Over the last few months I have been searching for a leasehold apartment up to £195,000 and identified one round the corner in West Derby I like with open areas and railway links in the vicinity, however it's only got 51 years unexpired on the lease. I can't really find anything else in West Derby suitable, so just wondered if I would be making a mistake buying a lease with such few years left?

If you need a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this.

I am looking into buying my first house which is in West Derby and I am already nervous. I couldn't find anything specific about West Derby. Conveyancing will be needed in due course but do you know about the West Derby area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at West Derby. In the meantime here are some basic statistics that we found