I am the registered owner of a freehold premises in Hackney but nevertheless pay rent, why is this and what is this?

It is rare for properties in Hackney and has limited impact for conveyancing in Hackney 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 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 after 2037 is to be dispensed with completely.

Are the BSA planning on creating a searchable register to list practices on the Norwich and Peterborough Building Society conveyancing panel for example in Hackney?

Lexsure has not been advised of any plans on the part of the BSA to develop such a register.

I have been told that property searches are the number one reason for stalling in Hackney conveyancing transactions. Is this right?

The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Searches are not likely to be the root cause of holding up conveyancing in Hackney.

How does conveyancing in Hackney differ for newly converted properties?

Most buyers of new build residence in Hackney contact us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because developers in Hackney typically buy the land, 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 conveyancing solicitors 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 Hackney or who has acted in the same development.

Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Hackney is the location of the property. What do you suggest?

Flying freeholds in Hackney are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Hackney you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Hackney 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 residence.