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

It’s unusual for properties in Earl Shilton and has limited impact for conveyancing in Earl Shilton 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 establishment of fresh rentcharges from 1977 onwards.

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

Are the BSA planning on creating a search tool with a view to list practices on the Loughborough BS conveyancing panel for instance in Earl Shilton?

We are not aware of any intention on the part of the BSA to develop such a search facility.

Forgive me if this question is silly but I am unseasoned as FTB of a two bedroom flat in Earl Shilton. Do I pick up the keys to the premises on completion from my solicitor? If this is the case, I will find a local conveyancing solicitor in Earl Shilton?

On the day of completion you do not need to go to the conveyancers office in Earl Shilton. Conveyancing lawyers for you will arrange to send the purchase money to the owner’s solicitors, and shortly after the monies have arrived, you will be invited to pick up the keys from the property Agents and move into your new home. Usually this happens between 1 and 3pm.

Is it the case that all Earl Shilton CQS (Conveyancing Quality Scheme) solicitors are on the Nationwide conveyancing list of approved practices?

It is true that some lenders now use the accreditation scheme as the starting point for Panel approval such as HSBC and Santander. CQS membership however gives no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of firms.

I had a mortgage agreed in principle with Clydesdale. Earl Shilton conveyancing practitioners were chosen. What is the average time that one could expect to receive a mortgage offer from Clydesdale?

There is no definitive answer here. Have Clydesdale conducted the valuation? Have you advised Clydesdale as to your lawyers' details and checked that your lawyers are on the Clydesdale conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.

I am looking for a flat up to £245,000 and found one round the corner in Earl Shilton I like with amenity areas and railway links nearby, however it's only got 52 remaining years left on the lease. I can't really find anything else in Earl Shilton suitable, so just wondered if I would be making a grave error buying a short lease?

If you need a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.

How easy is it to use the search facility to locate a conveyancing practitioner in Earl Shilton on the authorised to act for my bank?

1st choose a bank such as Barclays , Chelsea Building Society or Clydesdale then specify your location for instance Earl Shilton. Conveyancing practices in Earl Shilton and beyond will then be listed.