I am the registered owner of a freehold property in Walkington but still pay rent, why is this and what is this?

It’s unusual for properties in Walkington and has limited impact for conveyancing in Walkington 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.

Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.

Are there restrictive covenants that are commonly identified as part of conveyancing in Walkington?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Walkington. 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…’

Due to the guidance of my in-laws I had a survey completed on a property in Walkington prior to appointing conveyancers. I have been told that there is a flying freehold overhang to the property. My surveyor advised that some lenders may not give a mortgage on this type of property.

It depends who your proposed lender is. HSBC has different instructions from Nationwide. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Walkington. Conveyancing will be smoother if you use a solicitor in Walkington especially if they are acquainted with such properties in Walkington.

I've recently bought a leasehold house in Walkington. Do I have any liability for service charges for periods before 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. Strange as it may seem, 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 be sure 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).

Walkington Leasehold Conveyancing - A selection of Questions you should consider before buying

If a Walkington lease has fewer than eighty years it will have adverse implications on the salability of the property. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will almost definitely need a lease extension at some point and you need to have some idea of how much this would cost. Remember, in most cases you will be required to have owned the premises for a couple of years before you are legally able to extend the lease. Be sure to investigate if there is anything that is prohibited in the lease. For instance some leases prohibit pets being allowed in certain buildings in Walkington. If you love the apartmentin Walkington yet your cat is not allowed to move with you then you will be faced hard determination. Best to be warned whether window replacement or some other significant cost is due in the near future to be shared amongst the leasehold owners and may well dramatically increase the the service fees or necessitate a specific payment.

Finally our conveyancing in Walkington is completing next Friday, but the person I am purchasing off has asked to move out the next day at noon. Can I agree to this?

If you require a bank loan then your lawyer will demand that you have vacant possession on Friday - the lending institution will insist on it.