I purchased a freehold property in Fairford yet charged rent, why is this and what is this?

It’s unusual for properties in Fairford and has limited impact for conveyancing in Fairford 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 creation of fresh rentcharges from 1977 onwards.

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.

Should commercial conveyancing searches reveal proposed roadworks that could impact a commercial land in Fairford?

Many commercial conveyancing solicitors in Fairford will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Fairford. The search result sets out definitive data 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 Fairford.

For each commercial conveyancing transaction in Fairford it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately may result in delays to Fairford commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Fairford.

I have recentlyfound out that Action Conveyancing have closed. They conducted my conveyancing in Fairford for a purchase of a freehold house 12 months ago. How can I check that the property is in my name in the name of the former proprietor?

The quickest method to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Fairford conveyancing specialists.

What makes a Fairford lease unacceptable for security purposes?

Leasehold conveyancing in Fairford is not unique. Most leases are drafted differently and drafting errors can sometimes mean that certain sections are not included. The following missing provisions could result in a defective lease:

Clauses dealing with recovering service charges for expenditure on the building or common parts.

You may have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, obliging the buyer to withdraw.

Leasehold Conveyancing in Fairford - A selection of Queries Prior to Purchasing

Its a good idea to discover as much as possible regarding the company managing the building as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to practical issues such as the cleanliness of the common parts. Enquire of prospective neighbours if they are happy with their management. Finally, find out the dates that the maintenance fees are due to the appropriate party and precisely what it includes. It is important to be aware if a new roof is being put on or some other major work is anticipated to be shared by the tenants and could well materially increase the the service charges or result in a specific invoice.

I am due to consider quotes for conveyancing in Fairford from various conveyancing practitioner and appoint one. Am I right to tell them to sit tight until I have found somewhere to purchase.

You should only ask your conveyancer to open a file and submit searches once the offer has been agreed to on the property particularly as Fairford conveyancing searches are not inexpensive.