I am the registered owner of a freehold premises in Much Hadham yet pay rent, why is this and what is this?

It’s unusual for properties in Much Hadham and has limited impact for conveyancing in Much Hadham 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 fresh rentcharges post 1977.

Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.

Are there restrictive covenants that are commonly identified during conveyancing in Much Hadham?

Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Much Hadham. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

How does conveyancing in Much Hadham differ for new build properties?

Most buyers of new build or newly converted property in Much Hadham come to us having been asked by the developer to exchange contracts and commit to the purchase even before the property is finished. This is because builders in Much Hadham typically 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 used to new build conveyancing in Much Hadham or who has acted in the same development.

Due to complete next month on a ground floor flat in Much Hadham. Conveyancing lawyers have said that they are sending me a report within the next couple of days. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Much Hadham should include some of the following:

Ground rent - how much and when is collected, and also know whether this will change in the future The landlord’s rights to access the property. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. What remedies are open the freeholder should you breach a clause of your lease? Who has the liability for maintaining the window frames The total ownership of the demise. This will be the apartment itself but could also incorporate a roof area or basement if applicable.

Much Hadham Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing

Most Much Hadham leasehold apartments will be liable to pay a service bill for the upkeep of the building set by the landlord. If you acquire the property you will have to meet this amount, usually quarterly accross the year. This can vary from two or three hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a ground rent for you to pay annual, normally this is not a large figure, say approximately £25-£75 but you should to enquire it because on occasion it can be many hundreds of pounds. Its a good idea to find out as much as you can concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Enquire of prospective neighbours what they think of them. On a final note, investigate as to the dates that the maintenance charges are due to the managing agents and precisely what it includes. Is the freehold reversion owned jointly by the tenants?

I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a great figure which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Much Hadham. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?

The majority of houses in Much Hadham are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area can help the conveyancing process. It is clear that you are purchasing in Much Hadham in which case you should be shopping around for a Much Hadham conveyancing solicitor and check that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be entirely free to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’sconsent to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is part of an estate. Your conveyancer should advise you fully on all the issues.