I purchased a freehold premises in Camborne yet pay rent, why is this and what is this?

It’s unusual for properties in Camborne and has limited impact for conveyancing in Camborne 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 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 in 2037 will be dispensed with completely.

I am being told by my solicitor that absentee landlord insurance is required on my purchase. What is the level of cover for Camborne conveyancing?

The appropriate level of absentee landlord indemnity insurance depends on your lender. It would differ for example between Birmingham Midshires and The Royal Bank of Scotland. Conveyancing solicitors as opposed to borrowers take out such policies.

I happen to be the sole beneficiary of my late mum's estate and I have everything in my name now, including the my former home in Camborne. The Camborne property was put into my name in November. I now wish to sell up. I understand that there is a CML six month 'rule', meaning my property ownership could be considered the same way as though I had purchased the house in November. Will no one buy the property for half a year?

The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. How practical a view lenders take of it, depend on the lender as this obligation is primarily there to pick up on the purchase and immediately sell or the flipping of property.

When it comes to lenders such as Yorkshire BS, do Camborne solicitors incur a yearly amount to be on the list of approved solicitors?

We are unaware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel submission.

I have todaybeen informed that Action Conveyancing have been shut down. They carried out my conveyancing in Camborne for a purchase of a leasehold flat 9 months ago. How can I check that the property is registered correctly in the name of the previous owner?

The quickest way to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Camborne conveyancing specialists.

How do I use the search facility to get a fee calculation from a conveyancing solicitor in Camborne on the panel for my bank?

First select a bank such as Accord Mortgages Ltd, Barnsley Building Society or Clydesdale then type in your location such as Camborne. Conveyancing practices in Camborne and beyond will then be identified.

I've recently bought a leasehold property in Camborne. Do I have any liability for service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I acquired a ground floor flat in Camborne, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Camborne with a long lease are worth £265,000. The ground rent is £50 invoiced annually. The lease ends on 21st October 2101

You have 76 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus legals.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.