I purchased a freehold residence in North London yet pay rent, why is this and what is this?

It is rare for properties in North London and has limited impact for conveyancing in North 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.

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

Can you clarify what the consequences are if my lawyer’s firm is expelled from the Skipton Conveyancing panel ahead of completing my conveyancing in North London?

The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

I am purchasing a new build house in North London with a loan from The Mortgage Works. The builders would not reduce the amount so I negotiated £7000 of extras instead. The sale representative advised me not inform my solicitor about this side-deal as it will adversely affect my loan with the lender. Do I keep my lawyer in the dark?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I have been on the look out for a leasehold apartment up to £245,000 and identified one near me in North London I like with amenity areas and railway links nearby, the downside is that it's only got 52 years unexpired on the lease. I can't really find anything else in North London suitable, so just wondered if I would be making a grave error buying a lease with such few years left?

If you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.

Am I best advised to use a North London conveyancing lawyer in close proximity to the house I am purchasing? I have an old university friend who can carry out the legal work but they are based approximately 350miles away.

The benefit of a high street North London conveyancing firm is that you can attend the office to sign documents, hand in your identification documents and apply pressure on them where appropriate. Having local North London know how is a plus. However it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and they were impressed that must outweigh using an unfamiliar North London conveyancing lawyer solely due to them being based in the area.