I own a freehold residence in Otley yet charged rent, why is this and what is this?

It’s unusual for properties in Otley and has limited impact for conveyancing in Otley 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges from 1977 onwards.

Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.

Is it necessary during the course of the conveyancing process to have a meeting at the offices of the solicitor to sign the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Otley so that I can attend their offices if required.

As opposed to ten years ago, most banks no longer oblige their conveyancing panel lawyer to witness the borrowers signature. It will still be necessary for you to supply identification documents and there are still manifest benefits to using a local practitioner, in your situation a conveyancing solicitor in Otley.

Do I need to be wary by brokers that I am dealing with are suggesting an online conveyancing firm rather than a High Street Otley conveyancing company?

As is the case with lots of service providers, often input from relatives can be very helpful. But there are many players in a conveyancing deal; estate agents, mortgage brokers and lenders might all recommend lawyers to choose. Sometimes these conveyancers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the recommendation. You are free to appoint your own lawyer. Don't forget that the majority of banks have an approved list of solicitors you are obliged to use for the mortgage aspect of your home move.

I've recently bought a leasehold flat in Otley. Am I liable to pay service charges for periods before my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Leasehold Conveyancing in Otley - Examples of Questions you should consider before Purchasing

What restrictions are contained in the Otley Lease? What is the name of the managing agents? In the main the outlay for major works are not wrapped into the maintenance charges, albeit that some managing agents in Otley obliged tenants to pay into a reserve fund created for the specific intention of building a fund for larger repairs or maintenance.

Do I cancel the direct debit for my mortgage with Aldermore as soon as a completion date for my home sale in Otley has been agreed?

You would be well advised to continue meeting any mortgage sums to Aldermore pending the mortgage being discharged on completion as part of your Otley conveyancing.