I own a freehold house in Ainsdale yet pay rent, why is this and what is this?

It’s unusual for properties in Ainsdale and has limited impact for conveyancing in Ainsdale 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 many centuries, but the Rent Charge Act 1977 barred the creation 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 after 2037 is to be extinguished.

How does conveyancing in Ainsdale differ for new build properties?

Most buyers of new build property in Ainsdale come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because builders in Ainsdale usually purchase the land, 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 accustomed to new build conveyancing in Ainsdale or who has acted in the same development.

Should I instruct a Ainsdale conveyancing practitioner who is local to the property I am hoping to buy? An old friend can handle the legal work however her office is approximately 350kilometers away.

The primary upside of using a local Ainsdale conveyancing practice is that you can visit the firm to execute paperwork, deliver your ID and pester them where appropriate. Having local Ainsdale know how is a bonus. However nothing is more important than finding someone that will do a good and efficient job. If if people you trust instructed your friend and on the whole were happy that must trump using an unfamiliar Ainsdale conveyancing solicitor solely due to them being based in the area.