I own a freehold residence in Selhurst yet invoiced for rent, why is this and what is this?

It is rare for properties in Selhurst and has limited impact for conveyancing in Selhurst 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 hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh 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 post 2037 is to be dispensed with completely.

How does conveyancing in Selhurst differ for newly converted properties?

Most buyers of new build residence in Selhurst contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because house builders in Selhurst typically 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 used to new build conveyancing in Selhurst or who has acted in the same development.

Due to the input of my in-laws I had a survey completed on a property in Selhurst before retaining solicitors. I have been told that there is a flying freehold aspect to the house. The surveyor advised that some banks will refuse to issue a mortgage on a flying freehold property.

It varies from the lender to lender. HSBC has different instructions for example to Birmingham Midshires. If you contact us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Selhurst. Conveyancing may be slightly more expensive based on your lender's requirements.