I purchased a freehold premises in Streetly but nevertheless pay rent, why is this and what is this?
It is rare for properties in Streetly and has limited impact for conveyancing in Streetly 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 new rentcharges from 1977 onwards.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
Are there restrictive covenants that are commonly picked up during conveyancing in Streetly?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Streetly. 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 Streetly differ for newly converted properties?
Most buyers of new build or newly converted property in Streetly come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is ready to move into. This is because builders in Streetly 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 conveyancers 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 Streetly or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Streetly is the location of the property. What do you suggest?
Flying freeholds in Streetly are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Streetly you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Streetly may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Estate agents have just been given the go-ahead to market my garden apartment in Streetly.Conveyancing is yet to be initiated but I have just had a quarterly service charge invoice – Do I pay up?
Your conveyancing lawyer is likely to suggest that you should pay the service charge as normal because all rents and maintenance charges should be apportionedon completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the subsequent invoice date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process