I own a freehold house in Prestbury but still invoiced for rent, why is this and what is this?

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

Previous 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 dispensed with completely.

Can you clarify what the consequences are if my lawyer’s firm is expelled from the HSBC Solicitor panel ahead of completing my conveyancing in Prestbury?

The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

Despite weeks of looking the Title Certificate and documents to our house are lost. The lawyers who dealt with the conveyancing in Prestbury 5 years ago are no longer around. What are my next steps?

As long as you have a registered title the details of your proprietorship will be held by the Land Registry with a Title Number. It is possible to carry out a search at the Land Registry, identify your house and obtain up to date copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will in most cases retain a file duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.

I have been on the look out for a ground for flat up to £195,000 and found one round the corner in Prestbury I like with amenity areas and station nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Prestbury in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?

Should you require a home loan that many years will likely be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.

I am tempted by the attractive purchase price for a two maisonettes in Prestbury which have about 50 years unexpired on the leases. should I be concerned?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease deteriorates and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional help from a conveyancer and surveyor with experience in this arena.

Leasehold Conveyancing in Prestbury - Examples of Questions you should ask Prior to buying

What restrictions are there in the Prestbury Lease? The answer will be useful as a) areas can cause problems in the building as the common areas may start to deteriorate if services are not paid for b) if the tenants have a dispute with the managing agents you will want to know about it Best to be warned whether redecorating or some other major work is coming up that will be shared by the leasehold owners and could well materially increase the the maintenance charges or require a specific invoice.