I purchased a freehold residence in Moss Nook but nevertheless invoiced for rent, why is this and what is this?

It’s unusual for properties in Moss Nook and has limited impact for conveyancing in Moss Nook 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 fresh rentcharges from 1977 onwards.

Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be dispensed with completely.

The Moss Nook conveyancing firm that I appointed last week on my purchase in Moss Nook have suddenly closed. I chose them because I had to have a lawyer on the TSB conveyancing panel and my family Moss Nook lawyer was not. I sent them a cheque for two hundred pounds in advance. What do I do now?

If you have an estate agent involved then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the TSB conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to help.

Over the last few months I have been searching for a ground for flat up to £305k and found one round the corner in Moss Nook I like with open areas and railway links nearby, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Moss Nook in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?

If you need a home loan the shortness of the lease will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.

I today plan to offer on a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently been informed that it's a leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Moss Nook. Conveyancing lawyers have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Moss Nook ?

Most houses in Moss Nook are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. We note that you are purchasing in Moss Nook in which case you should be looking for a Moss Nook conveyancing solicitor and check that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a tenant you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the freeholder’spermission to conduct alterations. You may also be required to pay a maintenance charge towards the upkeep of the communal areas where the house is part of an estate. Your lawyer will appraise you on the various issues.

Moss Nook Leasehold Conveyancing - Sample of Questions you should ask Prior to buying

Is anyone aware of any major works anticipated that will likely add a premium to the service costs? How many of the leaseholders are in arrears for their maintenance charge payments? It is important to be aware if redecorating or some other major work is anticipated to be shared amongst the leasehold owners and could well dramatically impact the level of the maintenance charges or require a one off payment.

What if there is an issue with the searches conducted as part of our conveyancing in Moss Nook?

Usually, most problems arising from Moss Nook conveyancing search responses can be handled ahead of completion or indemnity insurance could possibly be taken. You need to remember that regardless of the fact that you are purchasing the premises and may be content to live with the search results, your building society or bank may not, and ultimately they have the word say.