I purchased a freehold house in East Riding Villages but nevertheless charged rent, why is this and what is this?

It is rare for properties in East Riding Villages and has limited impact for conveyancing in East Riding Villages 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.

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

How does conveyancing in East Riding Villages differ for newly converted properties?

Most buyers of new build or newly converted property in East Riding Villages approach us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because builders in East Riding Villages tend to acquire 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 conveyancers 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 East Riding Villages or who has acted in the same development.

Is it simple use your search app to choose a conveyancing practitioner in East Riding Villages on the panel for my mortgage?

Step one is to pick a mortgage company such as , or then specify your location e.g. East Riding Villages. Conveyancing firms in East Riding Villages and nationally should be shown.