I purchased a freehold residence in St Pancras but still pay rent, why is this and what is this?

It’s unusual for properties in St Pancras and has limited impact for conveyancing in St Pancras 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 generation of fresh rentcharges post 1977.

Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be extinguished.

Can you clarify what the consequences are if my lawyer’s firm is removed from the Lloyds Solicitor panel ahead of completing my conveyancing in St Pancras?

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 at a cost.

What can a local search tell me concerning the property I am purchasing in St Pancras?

St Pancras conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations such as PSG The local search is essential in every St Pancras conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject areas.

I have been on the look out for a flat up to £245,000 and identified one near me in St Pancras I like with open areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in St Pancras for this price, so just wondered if I would be making a mistake buying a lease with such few years left?

Should you require a mortgage that many years will likely be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.

I am on look out for some leasehold conveyancing in St Pancras. Before diving in I would like to find out the number of years remaining on the lease.

If the lease is registered - and almost all are in St Pancras - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I have had difficulty in trying to purchase the freehold in St Pancras. Can this matter be resolved via the Leasehold Valuation Tribunal?

You certainly can. We can put you in touch with a St Pancras conveyancing firm who can help.

An example of a Lease Extension decision for a St Pancras premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 66.8 years.