I purchased a freehold house in Aldersgate yet pay rent, why is this and what is this?

It is rare for properties in Aldersgate and has limited impact for conveyancing in Aldersgate 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 fresh rentcharges from 1977 onwards.

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 dispensed with completely.

Over the last few months I have been searching for a leasehold apartment up to £305k and found one close by in Aldersgate I like with open areas and railway links in the vicinity, however it's only got 49 remaining years left on the lease. I can't really find anything else in Aldersgate in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?

If you require a home loan the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.

I was recommended by numerous property agents in Aldersgate to select a conveyancer on your site. Is there a financial advantage for Estate Agents to market your services over and above a competitor’s?

We don’t give any commission for sending work in our direction. We thought it would be too underhand a fee because members of the public would think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.

Am I best advised to choose a Aldersgate conveyancing practitioner in close proximity to the house I am hoping to buy? An old friend can execute the legal formalities but they are based 200miles drive away.

The benefit of a high street Aldersgate conveyancing firm is that you can visit the firm to sign paperwork, hand in your ID and pester them if necessary. They will also have local insight which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and the majority were impressed that must outweigh using an unknown Aldersgate conveyancing lawyer solely due to them being based in the area.

What advice can you give us when it comes to choosing a Aldersgate conveyancing firm to deal with our lease extension?

If you are instructing a conveyancer for lease extension works (regardless if they are a Aldersgate conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Aldersgate conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:

What are the charges for lease extension conveyancing? What volume of lease extensions have they carried out in Aldersgate in the last year?

I am the proprietor of a ground floor flat in Aldersgate. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal make a decision on the sum payable for a lease extension?

Most definitely. We can put you in touch with a Aldersgate conveyancing firm who can help.

An example of a Lease Extension decision for a Aldersgate property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case related to 2 flats. The unexpired lease term was 72.39 years.