I own a freehold residence in Drakes Cross but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Drakes Cross and has limited impact for conveyancing in Drakes Cross 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 establishment 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 after 2037 will be dispensed with completely.

I am buying my first flat in Drakes Cross benefiting from help to buy. The builders refused to move on the price so I negotiated 6k of extras instead. The sale representative suggested that I not inform my conveyancer about the side-deal as it could put at risk my mortgage with . Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I decided to have a survey carried out on a house in Drakes Cross in advance of appointing solicitors. I have been informed that there is a flying freehold element to the house. The surveyor has said that some lenders tend not give a loan on such a home.

It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to telephone us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Drakes Cross. Conveyancing may be slightly more expensive based on your lender's requirements.

Hoping to buy a property located in Drakes Cross and I am already nervous. I couldn't find anything specific about Drakes Cross. Conveyancing will be needed in due course but do you know about the Drakes Cross area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at Drakes Cross. In the meantime here are some basic statistics that we found

Having had my offer accepted I require leasehold conveyancing in Drakes Cross. Before diving in I would like to find out the remaining lease term.

If the lease is recorded at the land registry - and 99.9% are in Drakes Cross - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Drakes Cross Leasehold Conveyancing - A selection of Queries before Purchasing

Where a Drakes Cross lease has no more than eighty years it will affect the salability of the property. It is worth checking with your bank that they are content with the length of the lease. A short lease means that you will most likely require a lease extension sooner rather than later and it is worth finding out how much this will be. For most Drakes Crosslease extensions you would be required to have been the owner of the residence for a couple of years in order to be eligible to extend the lease. How many of the leaseholders are in arrears for their service charge payments? It would be wise to discover as much as you can about the company managing the building as they will either make life much easier or uncomfortable. As the owner of a leasehold property you are frequently at the mercy of the managing agents both financially and when it comes to practical matters such as the tidiness of the common parts. Enquire of other people what they think of them. In conclusion, investigate as to the dates that the service charges are due to the relevant party and specifically what it includes.