I am the registered owner of a freehold residence in Chelsea yet pay rent, why is this and what is this?
It’s unusual for properties in Chelsea and has limited impact for conveyancing in Chelsea 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 one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
My Conveyancer in Chelsea has never been on on the Yorkshire Building Society Solicitor Panel. Is it possible for me to retain my prefered solicitor even though they are not on the Yorkshire Building Society panel?
Your options are as follows:
- Complete the purchase with your preferred Chelsea lawyers but Yorkshire Building Society will need to use a solicitor on their list of acceptable firms. This will result in additional overall legal fees as well as cause frustration.
- Get a new solicitor to act in the purchase, remembering to check they are Persuade your lawyer to do everything within their powers to join the Yorkshire Building Society conveyancing panel
Are there restrictive covenants that are commonly picked up during conveyancing in Chelsea?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Chelsea. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a ground for flat up to £305k and found one close by in Chelsea I like with a park and station nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Chelsea for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Am I better off to go with a Chelsea conveyancing solicitor in close proximity to the house I am buying? We have a good friend who can conduct the legal formalities but her office is over three hundred kilometers away.
The benefit of a local Chelsea conveyancing firm is that you can visit the firm to execute paperwork, present your ID and pester them if necessary. Having local Chelsea know how is a benefit. However it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and on the whole were happy that must outweigh using an unknown Chelsea conveyancing solicitor solely due to them being Chelsea based.
Do I stop my mortgage payments with TSB once a completion date for my home sale in Chelsea has been set?
You are best advised to keep meeting any mortgage sums to TSB pending the mortgage being paid off from the proceeds of sale as part of your Chelsea conveyancing.