I purchased a freehold premises in Frampton Cotterell but nevertheless invoiced for rent, why is this and what is this?

It is rare for properties in Frampton Cotterell and has limited impact for conveyancing in Frampton Cotterell 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 generation of new rentcharges post 1977.

Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.

I need some quick conveyancing in Frampton Cotterell as I have a deadline to complete within one month. A home loan is not required. Can I decline from having conveyancing searches to save money and time?

As you are are a cash buyer you have the choice not to do searches although no lawyer would suggest that you don't. Drawing on years of experience of conveyancing in Frampton Cotterell the following are instances of issues that can arise and therefore impact market value: Enforcement Notices, Overdue Charges, Outstanding Grants, Road Schemes,...

The estate agent has sent us the confirmation of our purchase of a new build apartment in Frampton Cotterell. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.

Set out below is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Frampton Cotterell

The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?

I've recently bought a leasehold flat in Frampton Cotterell. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Leasehold Conveyancing in Frampton Cotterell - Sample of Queries Prior to buying

What is the annual service fee and ground rent? Is anyone aware of any major works on the horizon that will add a premium to the service charges? You should be aware if it is no more than eighty years it will affect the marketability of the apartment. It is worth checking with your lender that they are content with residual term of the lease. A short lease means that you will most likely require a lease extension at some point and it is worth discovering what this will be. Remember, in most cases you would be required to have been the owner of the residence for 24 months in order to be entitled to exercise a lease extension.

Why am I unable to complete my conveyancing in Frampton Cotterell on Easter Monday?

Because on completion the sale price needs to be transferred electronically between the banks of the buyer and owner’s conveyancer and currently this can only take place on a business day. So you can't complete on a weekend either.