I own a freehold premises in Stoke Gifford yet pay rent, why is this and what is this?

It is rare for properties in Stoke Gifford and has limited impact for conveyancing in Stoke Gifford 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 generation of new rentcharges from 1977 onwards.

Old 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 the Building Society Association intend to launch a searchable register to to identify solicitors on the conveyancing panel for example in Stoke Gifford?

We are not aware of any intention on the part of the BSA to develop such a register.

I have been told that property searches are the main reason for obstruction in Stoke Gifford house deals. Is there any truth in this?

The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any delay in conveyancing in Stoke Gifford.

How does conveyancing in Stoke Gifford differ for new build properties?

Most buyers of new build premises in Stoke Gifford contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Stoke Gifford usually 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 conveyancing solicitors 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 used to new build conveyancing in Stoke Gifford or who has acted in the same development.

I have been on the look out for a ground for flat up to £195,000 and identified one near me in Stoke Gifford I like with a park and station in the vicinity, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Stoke Gifford in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?

If you require a home loan that many years may be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.