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

It’s unusual for properties in Fulham and has limited impact for conveyancing in Fulham 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 lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.

Do commercial conveyancing searches reveal impending roadworks that may affect a commercial estate in Fulham?

Its becoming the norm that commercial conveyancing solicitors in Fulham will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in investigating accurate data on highways that impact buildings and development assets in Fulham. The search result provides definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Fulham.

For each commercial conveyancing transaction in Fulham it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could result in delays to Fulham commercial conveyancing transactions as well as pose a risk to future plans for the site. These searches are not carried out for domestic conveyancing in Fulham.

I've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Fulham is where the house is located. Can you offer any opinion?

Flying freeholds in Fulham are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Fulham you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fulham may ascertain 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.

We're novice buyers - agreed a price, yet the property agent informed us that the owners will only move forward if we instruct the agent's preferred conveyancers as they need an ‘expedited deal’. We would rather use a family solicitor accustomed to conveyancing in Fulham

It is unlikely the sellers are driving this. If they require ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Speak to the owners direct and explain that (a)you are serious buyers (b)you are ready to go, with mortgage lined up © you are unencumbered (d) you intend to proceed fast (e)however you intend to appoint your own,trusted Fulham conveyancing solicitors - rather thanthe ones that will give their estate agent a commission or meet his conveyancing targets demanded by corporate headquarters.

I am attracted to a two flats in Fulham which have approximately forty five years unexpired on the lease term. Do I need to be concerned?

A lease is a legal document that entitles you to use the property for a prescribed time frame. As a lease gets shorter the value of the lease reduces and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this arena.

Fulham Leasehold Conveyancing - Examples of Questions you should ask Prior to Purchasing

Where a Fulham lease has fewer than eighty years it will impact the marketability of the property. Check with your lender that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension at some point and it is worth discovering how much this would cost. Remember, in most cases you would be required to have owned the property for two years before you are eligible to exercise a lease extension. Are there any major works in the planning that will likely add a premium to the maintenance fees? You should want to discover as much as you can about the company managing the block as they will either make living at the property much easier or problematic. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to daily matters like the upkeep of the communal areas. Don't be afraid to ask other tenants whether they are happy with their management. In conclusion, be sure you understand the dates that you are obliged pay the service charge to the relevant party and precisely how they are spending that money.