I own a freehold premises in Frinton and Walton but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Frinton and Walton and has limited impact for conveyancing in Frinton and Walton 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 many centuries, but the Rent Charge Act 1977 barred the establishment of new 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 after 2037 will be dispensed with completely.

Me and my brother have a terraced Georgian house in Frinton and Walton. Conveyancing practitioner acted for me and Coventry Building Society. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold under the matching property. I thought I was buying a freehold how can I check?

You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Frinton and Walton and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the position with your conveyancing practitioner who conducted the purchase.

I am purchasing a new build house in Frinton and Walton with the aid of help to buy. The sellers refused to reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent suggested that I not reveal to my conveyancer about the deal as it may impact my mortgage with Accord Mortgages Ltd. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the builder 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.

My husband and I are FTB’s - had an offer accepted, yet the selling agent informed us that the vendor will only proceed if we instruct the agent's chosen solicitors as they are insisting on an ‘expedited deal’. We would rather use a family conveyancer used to conveyancing in Frinton and Walton

It is improbable the sellers are behind this. Should the owner want ‘a quick sale', turning down a motivated buyer is likely to cause more damage than good. Bypass the agents and go straight to the sellers and make the point that (a)you are genuine buyers (b)you are ready to progress, with finances arranged © you have nothing to sell (d) you wish to move quickly (e)but you are going to appoint your own,trusted Frinton and Walton conveyancing lawyers - rather thanthose that will give the negotiator at the agency a referral fee or meet his conveyancing targets demanded by corporate headquarters.

I am attracted to a two flats in Frinton and Walton which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Frinton and Walton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and lenders, leases with under 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Frinton and Walton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I bought a 1 bedroom flat in Frinton and Walton, conveyancing having been completed 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Frinton and Walton with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2093

With only 68 years unexpired we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.

The figure 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 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 should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.