I own a freehold residence in Sandown but nevertheless pay rent, why is this and what is this?

It is rare for properties in Sandown and has limited impact for conveyancing in Sandown 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 generation of new 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 after 2037 is to be dispensed with completely.

A friend recommended that if I am purchasing in Sandown I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

This is a search is usually included in the estimate for your Sandown conveyancing searches. It is a large document of about 40 pages, listing and setting out significant information about Sandown around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful data regarding Sandown.

I was pointed in your direction by a couple of local estate agents in Sandown to choose a solicitor using your seach tool. What’s the financial upside for Estate Agents to promote your site rather than another?

We refuse to offer any financial incentive for pointing buyers and sellers in our direction. We thought it would be too underhand a fee because home movers will think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.

We're novice buyers - agreed a price, yet the property agent told us that the vendor will only issue a contract if we use the agent's chosen conveyancers as they want an ‘expedited deal’. My instinct tells me that we should use a high street solicitor who is accustomed to conveyancing in Sandown

It is highly unlikely the sellers are driving this. Should the seller require ‘a quick sale', turning down a serious purchaser is is going to put the whole deal at risk. Try to communicate with the sellers directly and explain that (a)you are motivated purchasers (b)you are excited to move forward, with mortgage lined up © you are unencumbered (d) you wish to move quickly (e)but you are going to appoint your own,trusted Sandown conveyancing lawyers - rather thanthose that will provide their estate agent a referral fee or hit his conveyancing targets pre-set by HQ.

I today plan to offer on a house that seems to meet my requirements, at a reasonable figure which is making it more attractive. I have since found out that the title is leasehold as opposed to freehold. I would have thought that there are issues purchasing a house with a leasehold title in Sandown. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Sandown ?

The majority of houses in Sandown are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are buying in Sandown in which case you should be looking for a Sandown conveyancing practitioner and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the communal areas where the house is located on an estate. Your conveyancer will advise you fully on all the issues.

I acquired a ground floor flat in Sandown, conveyancing was carried out 6 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Sandown with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2089

With just 63 years remaining on your lease we estimate the premium for your lease extension to be between £16,200 and £18,600 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.