I purchased a freehold premises in Liverpool but still charged rent, why is this and what is this?

It is rare for properties in Liverpool and has limited impact for conveyancing in Liverpool 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 creation of new rentcharges post 1977.

Previous 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 extinguished.

Do I need to have a meeting at the offices of the solicitor to execute the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Liverpool so that I can pop in to their offices if required.

Most conveyancing panel lawyers for mortgage companies carry out all of the communications via Royal Mail, internet or over the phone. This enables them to carry out the conveyancing transaction regardless of where you live in England or Wales. However you can see if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.

How does the Landlord & Tenant Act 1954 impact my business offices in Liverpool and how can you help?

The particular law that you refer to gives a safeguard to business tenants, giving them the right to apply to court for a renewal tenancy and remain in occupation at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Liverpool is one of the hundreds of areas of the UK in which our lawyers are based

Are there frequently found defects that you witness in leases for Liverpool properties?

Leasehold conveyancing in Liverpool is not unique. All leases are individual and legal mistakes in the legal wording can result in certain clauses are erroneous. The following missing provisions could result in a defective lease:

Repairing obligations to or maintain elements of the property Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Bank of Scotland, and Barclays Direct all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the purchaser to pull out.

Leasehold Conveyancing in Liverpool - A selection of Questions you should ask Prior to Purchasing

It would be a good idea to investigate if there is anything that is prohibited in the lease. For example it is very common in Liverpool leases that pets are not permitted in certain buildings in Liverpool. If you love the apartmentin Liverpool yet your dog is not allowed to live with you then you have a very hard choice. Its a good idea to discover as much as possible concerning the company managing the block as they will impact your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to daily issues such as the upkeep of the common parts. Don't be shy to ask prospective neighbours whether they are happy with their management. In conclusion, investigate as to the dates that the maintenance charges are due to the relevant party and specifically how they are spending that money.

When it comes to my conveyancing in Liverpool should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee

(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Liverpool conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.