I purchased a freehold property in Aldwych but still charged rent, why is this and what is this?

It is rare for properties in Aldwych and has limited impact for conveyancing in Aldwych 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 many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.

Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.

I am currently in the process of buying my council flat in Aldwych. I have a mortgage offer with Co-operative. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?

It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.

I have a mortgage with Kent Reliance for my property in Aldwych. Conveyancing was finalised a year ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?

Kent Reliance must be informed of your intention before letting out your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. It may be that Kent Reliance will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel lawyer.

After what seems like an age I have had an offer on a maisonette in Aldwych agreed to, the owners do nevertheless have a tied purchase. The sellers have offered on a property, however it’s not been accepted yet, and have viewings of other properties booked. I have instructed a local conveyancing solicitor in Aldwych. What should be my next step? At what point should I apply for the mortgage with Principality?

It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is in the region of one thousand pounds, then survey, Aldwych conveyancing search costs, etc). The first thing to do is ensure that your solicitor is on the Principality approved list. Concerning the subsequent stages this very much depends on the uniqueness of your transaction, attraction to this property and on the state of the market. In a buoyant market many buyers would apply for the mortgage with Principality and pay for the valuation and only if it was satisfactory would they pay their lawyer to move forward with searches.

I bought my house on 16 April and my personal details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Aldwych expressed confidence that it should be formalised in a couple of weeks. Are transfers in Aldwych uniquely lengthy to register?

As far as conveyancing in Aldwych registration is no faster or slower than the rest of England and Wales. Rather than based on location, timescales can adjust according to the party submitting the application, whether it is in order and whether the Land registry communicate with any 3rd persons or bodies. As of today roughly three quarters of submission are fully addressed within 12 days but some can be subject to longer hold-ups. Historically registration occurs once the new owner is living at the property so an expedited registration is not always primary concern yet if there is a degree of urgency associated with the registration then you or your conveyancer could communicate with the Registry to express the reasoning for the application to be prioritised.

How does conveyancing in Aldwych differ for newly converted properties?

Most buyers of new build or newly converted property in Aldwych come to us having been asked by the seller to exchange contracts and commit to the purchase even before the property is built. This is because builders in Aldwych typically purchase the real estate, 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 Aldwych or who has acted in the same development.

I've recently bought a leasehold flat in Aldwych. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

We have reached the end of our tether in trying to purchase the freehold in Aldwych. Can the Leasehold Valuation Tribunal adjudicate on premiums?

in cases where there is a missing freeholder or where there is disagreement about what the lease extension should cost, under the relevant legislation it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price payable.

An example of a Freehold Enfranchisement case for a Aldwych residence is 20 Avonwick Road in July 2013. The Tribunal was dealing with an application under Section 26 of the Leasehold Reform Housing and Urban Development Act 1993 for a determination of the freehold value of the property. It was concluded that the price to be paid was Fifteen Thousand Nine Hundred and Seventy (£15,970) divided as to £8,200 for Flat 20 and £7,770 for Flat 20A This case affected 1 flat. The unexpired term as at the valuation date was 73.26 years.