I purchased a freehold house in Sawston but still charged rent, why is this and what is this?

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

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

Various web forums that I have frequented warn that are the number one reason for hinderance in Sawston conveyancing transactions. Is there any truth in this?

The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are unlikely to be the root cause of delay in conveyancing in Sawston.

I am looking for a leasehold apartment up to £195,000 and found one close by in Sawston I like with open areas and station nearby, however it's only got 49 years on the lease. There is not much else in Sawston for this price, so just wondered if I would be making a grave error purchasing a short lease?

If you require a mortgage that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.

How can the Landlord & Tenant Act 1954 affect my commercial property in Sawston and how can your lawyers assist?

The 1954 Act gives protection to commercial lessees, giving them the a statutory right to make a request to court for a renewal lease and remain in occupation at the end of an expired lease. There are limited grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Sawston is one of our many areas of the UK in which our lawyers are located

Leasehold Conveyancing in Sawston - A selection of Questions you should consider before buying

What is the name of the managing agents? You should be aware that where the lease has no more than eighty years it will have adverse implications on the marketability of the apartment. It is worth checking with your bank that they are happy with residual term of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of what this would cost. For most Sawstonlease extensions you would need to own the property for a couple of years before you are eligible to extend the lease. Its a good idea to find out as much as possible about the managing agents as they will either make life much simpler or problematic. Being a leasehold owner you are frequently at the mercy of the managing agents from a financial perspective and when it comes to every day issues like the upkeep of the communal areas. Don't be shy to ask other tenants whether they are happy with their management. Finally, investigate as to the dates that you are obliged pay the service charge to the managing agents and precisely what it includes.