I purchased a freehold premises in Spondon yet charged rent, why is this and what is this?
It’s unusual for properties in Spondon and has limited impact for conveyancing in Spondon 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 new 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 will be extinguished.
A colleague advised me that where I am purchasing in Spondon I should ask my conveyancer to carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is sometimes included in the estimate for your Spondon conveyancing searches. It is not a small document of more than thirty pages, listing and detailing significant information about Spondon around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Spondon Education with plans and statistics, Local Amenities and other useful information about Spondon.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Spondon?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Spondon. 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…’
Do I need to be suspicious that estate agents that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a High Street Spondon conveyancing firm?
As is the case with many service providers, often recommendations from family and friends can be very helpful. Yet there are lots of parties with a keen interest in a conveyancing matter; estate agents, financial adviser and banks may put forward solicitors to appoint. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You are free to choose your preferred conveyancer. However, bear in mind that many lenders specify a panel list of solicitors you must use for the mortgage related work in your transaction.
Is it best to go with a Spondon conveyancing practitioner based in the area that I am purchasing? We have a good friend who can execute the conveyancing however his firm is located over three hundred kilometers away.
The primary upside of using a high street Spondon conveyancing practice is that you can pop in to sign documents, present your ID and apply pressure on them if necessary. Having local Spondon know how is a plus. However nothing is more important than finding someone that will do a good and efficient job. If other friends have used your friend and in the main were happy that should surpass using an unfamiliar Spondon conveyancing solicitor just because they are Spondon based.
What advice can you give us when it comes to appointing a Spondon conveyancing firm to deal with our lease extension?
When appointing a property lawyer for your lease extension (regardless if they are a Spondon conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you make enquires with several firms including non Spondon conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
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If they are not ALEP accredited then why not? What are the charges for lease extension conveyancing?
Spondon Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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In the main the cost for major works tend not to be incorporated into the maintenance charges, albeit that there some managing agents in Spondon require tenants to pay into a sinking fund created for the specific purpose of building a fund for larger works. Best to be warned if redecorating or some other significant cost is due in the foreseeable future to be shared between the tenants and may well dramatically increase the the service fees or necessitate a specific payment. You should be aware if it is fewer than eighty years it will have adverse implications on the salability of the apartment. Check with your mortgage company that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you would be required to have been the owner of the premises for 24 months before you are eligible to extend the lease.