I own a freehold property in Coleshill yet invoiced for rent, why is this and what is this?

It’s unusual for properties in Coleshill and has limited impact for conveyancing in Coleshill 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.

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

My house in Coleshill is up for sale and I have a purchaser. Does the solicitor need to be required to be on the Bank of Ireland conveyancing panel in order to deal with paying off my mortgage?

Ordinarily, even if your lawyer is not on the Bank of Ireland 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.

I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Coleshill I like with a park and transport links nearby, however it only has 52 years on the lease. I can't really find anything else in Coleshill suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?

If you require a home loan the shortness of the lease will be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.

Taking into account that I am about to spend £400,000 on a terraced house in Coleshill I wish to talk to a conveyancer regarding thetransaction ahead of instructing the firm. Can this be arranged?

This is something that we encourage - we would be happy to talk to you we do not take any clients on without you speaking to the lawyer due to be conducting your conveyancing in Coleshill.There is no ‘factory style conveyancing’ - each client is an important person, not a matter reference. The solicitors that we put you in touch with believe that the figure you are provided with for your conveyancing in Coleshill should be the amount on the final invoice that you are charged.

I have recently realised that I have Sixty One years remaining on my lease in Coleshill. I need to get lease extension but my freeholder is absent. What should I do?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the lessor. For most situations a specialist may be helpful to conduct investigations and to produce a report which can be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on devolving into the landlord’s disappearance and the vesting order request to the County Court overseeing Coleshill.

Coleshill Conveyancing for Leasehold Flats - Sample of Queries Prior to buying

Best to be warned if redecorating or some other major work is anticipated to be shared amongst the tenants and will materially impact the level of the maintenance costs or result in a one off invoice. How many years remain on the lease? Where a Coleshill lease has no more than eighty years it will have adverse implications on the value of the apartment. It is worth checking with your lender that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will almost definitely need a lease extension at some point and you need to have some idea of what this will be. Remember, in most cases you would be be obliged to have owned the property for two years in order to be eligible to carry out a lease extension.