I purchased a freehold premises in Cornwall but nevertheless pay rent, why is this and what is this?

It is rare for properties in Cornwall and has limited impact for conveyancing in Cornwall 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 new rentcharges from 1977 onwards.

Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.

I am considering applying for a Kent Reliance mortgage for purchase of a newly converted (under development) in Cornwall with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?

In theory, you could use a solicitor that is not on the Kent Reliance conveyancing panel, but Kent Reliance would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.

How does conveyancing in Cornwall differ for new build properties?

Most buyers of new build residence in Cornwall approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Cornwall typically purchase the site, 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 property lawyers 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 accustomed to new build conveyancing in Cornwall or who has acted in the same development.

I need to find a conveyancing solicitor for freehold conveyancing in Cornwall. I happened to chance upon a web site which appears to be the ideal offering If it is possible to get all the legals done via web that would be ideal. Should I be wary? What are the potential pitfalls?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

I am in the process of buying my first property in Cornwall. Conveyancing lawyer already instructed. The financial consultant suggested that a survey is not appropriate as the house is just 17 years old.

You would be best advised to have a Home Buyer's Report. Given the residence is more than 10 years old the property will not come with a warranty, so you don't want to take a risk. For a property that age with no signs of problems a Home Buyer's report may be sufficient. They will highlight any apparent issues and recommend additional investigation where relevant. If there are any signs of material issues seek a comprehensive structural survey.