I am the registered owner of a freehold premises in Earlsfield but still invoiced for rent, why is this and what is this?

It is rare for properties in Earlsfield and has limited impact for conveyancing in Earlsfield 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 generation of fresh 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.

My wife and I have recently appointed a conveyancing solicitor in Earlsfield. I I am struggling to find out whether they are accepted on the approved list of lawyers. Could you or the lender confirm if they are on the panel?

The first thing to do is phone the conveyancer and ask them whether they can act for the bank. Alternatively you can get in touch with who may be able to assist.

We are buying a house and the lawyer has identified Chancel Repair for which the house could be obligated to pay given it’s proximity to the area of such a church. He has mentioned insurance. Is this strictly required for conveyancing in Earlsfield

Unless a previous purchase of the house took place post 12 October 2013 you can assume that solicitors delivering conveyancing in Earlsfield to continue to recommend a chancel search and or chancel repair liability policy.

How does conveyancing in Earlsfield differ for newly converted properties?

Most buyers of new build property in Earlsfield approach us having been asked by the builder to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Earlsfield tend to 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 conveyancers 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 used to new build conveyancing in Earlsfield or who has acted in the same development.

I am attracted to a two maisonettes in Earlsfield both have approximately 50 years remaining on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Earlsfield is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Earlsfield conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Leasehold Conveyancing in Earlsfield - Examples of Queries before Purchasing

Be sure to investigate if there are any onerous prohibitions in the lease. By way of example it is fairly common in Earlsfield leases that pets are not allowed in in a block in Earlsfield. If you love the propertyin Earlsfield yet your cat is not allowed to move with you then you have a very hard choice. Many Earlsfield leasehold apartments will incur a service bill for the upkeep of the building invoiced by the landlord. Should you buy the flat you will have to meet this amount, normally periodically throughout the year. This may differ from a few hundred pounds to thousands of pounds for bigger purpose-built buildings. There will also be a ground rent to be met annual, normally this is not a large amount, say around £25-£75 but you should to check it because on occasion it can be many hundreds of pounds. It is important to be aware whether fixing the lift or some other significant cost is anticipated that will be shared by the leasehold owners and could well materially impact the level of the maintenance fees or result in a one off invoice.