I own a freehold premises in North East London yet charged rent, why is this and what is this?

It is rare for properties in North East London and has limited impact for conveyancing in North East London 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 establishment of fresh rentcharges post 1977.

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

Do I need to have a meeting at the offices of the solicitor to sign the mortgage deed? If so, I will instruct a firm who offer conveyancing in North East London so that I can attend their offices if necessary.

Nowadays approved lawyers for lenders undertake the vast majority of communications through Royal Mail, e-mail or over phone calls. This enables them to undertake the conveyancing transaction no matter where you live in England or Wales. However you should check if you have the option of attending the offices of your conveyancing lawyer if needed.

Is it simple use your search app to choose a conveyancing practitioner in North East London on the authorised to act for my lender?

First choose a bank such as , or then type in your preferred area a common one being North East London. Conveyancing practices in North East London and further afield should be identified.

I bought a split level flat in North East London, conveyancing having been completed 3 years ago. How much will my lease extension cost? Comparable flats in North East London with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 50

With 50 years left to run the likely cost is going to range between £36,100 and £41,800 plus legals.

The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.

Are North East London conveyancing solicitors duty bound by the Law Society to issue transparent conveyancing figures?

Inbuilt into the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have a practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be interpreted as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, however, constitute the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in North East London or across England and Wales.