I am the registered owner of a freehold property in Dosthill yet pay rent, why is this and what is this?

It’s unusual for properties in Dosthill and has limited impact for conveyancing in Dosthill 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.

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

I am looking for a ground for flat up to £305k and found one near me in Dosthill I like with amenity areas and transport links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Dosthill suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?

If you need a mortgage that many years may be problematic. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer about this.

I need to retain a conveyancing solicitor for sale conveyancing in Dosthill. I've land on a web site which looks to be the ideal solution If it is possible to get all the legals completed via phone that would be ideal. Should I be wary? What are the potential pitfalls?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

I invested in buying a leasehold flat in Dosthill, conveyancing formalities finalised 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? Comparable properties in Dosthill with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 50

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

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.

I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the bank approved panel. How can I be sure given that they are not listed on your directory?

Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.