We are buying a newly constructed duplex in Byfleet and my lawyer is advising me that she is duty bound to the bank to reveal incentives from the builder. I am nearing the developer’s deadline to exchange and my preference is not to delay matters. Is my lawyer right?

You should not exchange unless you have been advised to do so by your . A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

I own a freehold property in Byfleet yet charged rent, why is this and what is this?

It’s unusual for properties in Byfleet and has limited impact for conveyancing in Byfleet 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 establishment of new rentcharges from 1977 onwards.

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.

A colleague pointed out to me me that in purchasing a property in Byfleet there could be various restrictions preventing external changes to a property. Is this right?

We are aware of anumerous of properties in Byfleet which have some sort of restriction or requirement of consent to carry out external changes. Part of the conveyancing in Byfleet should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

I am the single recipient of my late grandmother’s estate and I have everything in my name alone, including the my former home in Byfleet. The Byfleet property was put into my name in . I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my property ownership may be treated the same way as if I'd bought the property in . Will no one buy the property for half a year?

The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be impacted by that. How practical a view banks take of it, depend on the lender as this clause chiefly exists to pick up on the purchase and immediately sell or the wholesaling and assigning of properties.

When it comes to lenders such as , do Byfleet incur a fee to be on the list of approved solicitors?

We are not aware of any mortgage company fees to be on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel application.

Just had an offer accepted on a new build flat in Byfleet. 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 legal work.

Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Byfleet

Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. There must be mutual enforceability of lessee’s covenants. Forfeiture - bankruptcy or liquidation must not apply under this provision.

I acquired a 1 bedroom flat in Byfleet, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Byfleet with an extended lease are worth £165,000. The ground rent is £45 levied per year. The lease expires on 21st October 50

With only 50 years remaining on your lease we estimate the price of your lease extension to range between £36,100 and £41,800 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.