I purchased a freehold property in Somerset but nevertheless charged rent, why is this and what is this?

It is rare for properties in Somerset and has limited impact for conveyancing in Somerset 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 establishment of fresh rentcharges post 1977.

Previous 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.

About to purchase a new build flat in Somerset. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.

Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Somerset

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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.

I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Somerset I like with open areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Somerset suitable, so just wondered if I would be making a grave error acquiring a short lease?

If you require a home loan the remaining unexpired lease term will likely be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.

In what way can the Landlord & Tenant Act 1954 affect my business property in Somerset and how can you help?

The 1954 Act affords security of tenure to business tenants, granting the legal entitlement to apply to court for a continuation of occupancy when the lease reaches an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing practices who use the act for protection and help with commercial conveyancing in Somerset

Should I instruct a Somerset conveyancing lawyer who is local to the property I am purchasing? I have an old university friend who can carry out the conveyancing however they are based 400kilometers away.

The primary upside of using a local Somerset conveyancing practice is that you can visit the firm to sign paperwork, present your ID and pester them where appropriate. Having local Somerset know how is a bonus. That being said it's more important to get someone that will do a good and efficient job. If if people you trust used your friend and they were impressed that should trump using an unknown Somerset conveyancing solicitor just because they are round the corner.