I am the registered owner of a freehold residence in Mile End yet charged rent, why is this and what is this?
It’s unusual for properties in Mile End and has limited impact for conveyancing in Mile End 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 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 is to be extinguished.
Should commercial conveyancing searches reveal impending roadworks that could impact a commercial site in Mile End?
Many commercial conveyancing solicitors in Mile End will execute a SiteSolutions Highways report as it dramatically cuts the time that conveyancers spend in researching accurate data on highways that impact buildings and development assets in Mile End. The report sets out 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 Mile End.
For each commercial conveyancing transaction in Mile End it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately can result in delays to Mile End commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Mile End.
I own a 4 bedroom Edwardian house in Mile End. Conveyancing solicitor acted for me and Platform Home Loans Ltd. I did a free Land Registry search last week and there are a couple of entries: one for freehold, another for leasehold with the exact same address. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Mile End and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the position with your conveyancing solicitor who conducted the purchase.
How does conveyancing in Mile End differ for newly converted properties?
Most buyers of new build residence in Mile End approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Mile End usually buy 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 Mile End or who has acted in the same development.
I was recommended by three or four local selling agents in Mile End to locate a conveyancer using your seach tool. Is there a financial upside for Estate Agents to market your lawyers over a competitor’s?
We refuse to give any financial incentive for pointing buyers and sellers in our direction. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.