I purchased a freehold house in Hanham yet pay rent, why is this and what is this?
It is rare for properties in Hanham and has limited impact for conveyancing in Hanham 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 creation of new rentcharges post 1977.
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 extinguished.
We just had an offer accepted to buy with Loughborough BS. We have called around locally yet am struggling to find a Hanham conveyancing firm on the Loughborough BS panel. Could you assist?
Feel free to take advantage of the find a conveyancing panel solicitor tool on this page. Please choose the building society and type Hanham or your location and you will see a number of lawyer based in Hanham or nearest you.
Various web forums that I have visited warn that are a common reason for hinderance in Hanham conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are unlikely to be the root cause of holding up conveyancing in Hanham.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Hanham is where the house is located. Can you offer any advice?
Flying freeholds in Hanham are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hanham you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hanham may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have been recommended by numerous estate agents in Hanham to select a conveyancer on your site. What’s the financial inducement for Estate Agents to promote your lawyers over alternative conveyancing organisations?
We refuse to make any referral fee for sending work in our direction. We found it would be just too difficult to pay a commission because home movers will think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.