I am the registered owner of a freehold house in Seaham but nevertheless charged rent, why is this and what is this?

It’s unusual for properties in Seaham and has limited impact for conveyancing in Seaham 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 date back 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 lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.

Please help - my lawyer advises that restrictive coveneant insurance is required on my purchase. What is the level of cover for Seaham conveyancing?

The appropriate level of restrictive coveneant indemnity insurance should be dictated by who your lender. It would differ for example between and . Conveyancing practitioners as opposed to borrowers take out such policies.

How can we know in advance if a Seaham conveyancing solicitor on the panel is any good?

When it comes to conveyancing in Seaham getting recommendations is a good starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one advertising the lowest fees. We would always suggest that you speak with the solicitor carrying out your transaction.

We expect to receive a DIP from this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do recommend any Seaham solicitors on the conveyancing panel, or is it better to find our own lawyer?

You will need to appoint Seaham solicitors independently although you'll need to choose one on the conveyancing panel. The solicitor represents both you and through the process.

How does conveyancing in Seaham differ for new build properties?

Most buyers of new build residence in Seaham come to us having been asked by the developer to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Seaham typically purchase the site, 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 property lawyers 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 Seaham or who has acted in the same development.

How do I use your search app to get a costs illustration from a conveyancing solicitor in Seaham on the panel for my mortgage?

First choose a lender such as , or then specify your location such as Seaham. Conveyancing firms in Seaham and further afield will then be identified.

I am the registered owner of a leasehold flat in Seaham, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Seaham with an extended lease are worth £165,000. The ground rent is £45 per annum. The lease ends on 21st October 50

With only 50 years unexpired we estimate the premium for your lease extension to span between £36,100 and £41,800 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.