I own a freehold residence in Burnham but nevertheless charged rent, why is this and what is this?

It’s unusual for properties in Burnham and has limited impact for conveyancing in Burnham 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 creation of fresh rentcharges post 1977.

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

My house in Burnham is up for sale and I have a purchaser. Will my conveyancing practitioner have to be required to be on the UBS conveyancing panel in order to deal with redeeming my mortgage?

Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.

The estate agent has sent us the confirmation of our purchase of a new build apartment in Burnham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Here are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Burnham

Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?

My husband and I are FTB’s - agreed a price, yet the estate agent informed us that the seller will only issue a contract if we appoint their recommended solicitors as they want an ‘expedited deal’. Our preferred option is to instruct a high street conveyancer with experience of conveyancing in Burnham

It is improbable the sellers are behind this. Should the owner desire ‘a quick sale', alienating a motivated purchaser is counter productive. Speak to the vendors direct and make the point that (a)you are genuine buyers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you wish to move quickly (e)however you intend to instruct your own,trusted Burnham conveyancing firm - not the ones that will provide their negotiator at the agency a introducer fee or meet his conveyancing targets set by head office.

What makes a Burnham lease unmortgageable?

There is nothing unique about leasehold conveyancing in Burnham. All leases are unique and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

Service charge per centages that don't add up correctly leaving a shortfall A provision to repair to or maintain parts of the building

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, The Mortgage Works, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, obliging the buyer to pull out.

I acquired a leasehold flat in Burnham, conveyancing was carried out November 2011. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Burnham with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2086

With just 62 years unexpired we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.