I purchased a freehold premises in Chadderton but still pay rent, why is this and what is this?
It’s unusual for properties in Chadderton and has limited impact for conveyancing in Chadderton 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 extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Chadderton. My lender is Chelsea Building Society
Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/4/2024, the requirements read as follows :
Do commercial conveyancing searches disclose proposed roadworks that may affect a commercial premises in Chadderton?
Many commercial conveyancing solicitors in Chadderton will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in looking into accurate data on highways that impact buildings and development assets in Chadderton. The search result provides definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Chadderton.
For every commercial conveyancing transaction in Chadderton it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately may cause delays to Chadderton commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Chadderton.
How does conveyancing in Chadderton differ for newly converted properties?
Most buyers of new build or newly converted property in Chadderton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Chadderton 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 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 Chadderton or who has acted in the same development.
My husband and I are new to the buying process - had an offer accepted, yet the agent told us that the owners will only issue a contract if we appoint the agent's recommended conveyancers as they are insisting on a ‘quick sale’. We would rather use a family solicitor used to conveyancing in Chadderton
We suspect that the owner is unaware of this ultimatum. If they desire ‘a quick sale', alienating a genuine purchaser is likely to cause more damage than good. Speak to the vendors direct and make the point that (a)you are genuine buyers (b)you are ready to progress, with finances arranged © you are unencumbered (d) you intend to proceed fast (e)but you are going to use your preferred Chadderton conveyancing solicitors - as opposed tothe ones that will provide the negotiator at the agency a referral fee or meet his conveyancing thresholds demanded by corporate headquarters.