I own a freehold premises in Boldon yet charged rent, why is this and what is this?

It is rare for properties in Boldon and has limited impact for conveyancing in Boldon 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 generation of new rentcharges post 1977.

Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.

What will a local search reveal about the property we're purchasing in Boldon?

Boldon conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company for instance Onsearch The local search plays a central role in many a Boldon conveyancing purchase; as long as you don’t want any nasty surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject headings.

Are there restrictive covenants that are commonly picked up as part of conveyancing in Boldon?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Boldon. 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 buying a new build flat in Boldon. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Set out below are examples of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Boldon

Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. There must be mutual enforceability of lessee’s covenants.

Due to the encouragement of my in-laws I had a survey completed on a house in Boldon before instructing lawyers. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some lenders will not issue a mortgage on a flying freehold premises.

It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Boldon. Conveyancing may be slightly more expensive based on your lender's requirements.