I own a freehold property in Waltham Abbey yet charged rent, why is this and what is this?

It’s unusual for properties in Waltham Abbey and has limited impact for conveyancing in Waltham Abbey 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 new rentcharges from 1977 onwards.

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.

We expect to receive a AIP from this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do recommend any Waltham Abbey solicitors on the conveyancing panel, or is it better to find our own lawyer?

You will need to appoint Waltham Abbey solicitors independently although you'll need to choose one on the conveyancing panel. The solicitor represents both you and through the process.

I'm in the process of looking at flats in Waltham Abbey and I am now considering a potential offer. Is it advisable to have my on ‘stand by’? I will be getting a home loan with .

It would be advisable to commence your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. Given that you are getting a mortgage with , make sure you remember to check that your lawyer is on the conveyancing panel.

Completion of my purchase has taken place for my property in Waltham Abbey. Conveyancing was satisfactory but I would like to complain about the lender. How do I make a complaint?

Most lenders have complaints procedures. Your first port of call should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.

I am looking for a flat up to £245,000 and identified one near me in Waltham Abbey I like with amenity areas and railway links in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Waltham Abbey in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?

Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.

I need to instruct a conveyancing solicitor for residential conveyancing in Waltham Abbey. I have land on a web site which appears to be the perfect answer If there is a chance to get all formalities completed via phone that would be ideal. Should I be wary? What should out be looking out for?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

Leasehold Conveyancing in Waltham Abbey - A selection of Queries before buying

Make sure you enquire if there is anything that is prohibited in the lease. For instance it is reasonably common in Waltham Abbey leases that pets are not allowed in certain buildings in Waltham Abbey. If you love the flatin Waltham Abbey but your cat can’t make the move with you then you have a very difficult compromise. If a Waltham Abbey lease has fewer than eighty years it will affect the marketability of the flat. It is worth checking with your lender that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease at some point and you need to have some idea of what this will be. Remember, in most cases you will need to own the property for 24 months before you are legally able to carry out a lease extension. How much is the annual service fee and ground rent?