I am the registered owner of a freehold property in Mildenhall but still pay rent, why is this and what is this?

It is rare for properties in Mildenhall and has limited impact for conveyancing in Mildenhall 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 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 is to be extinguished.

we are a couple who wish to acquire a newly converted apartment in Mildenhall with a residential mortgage from Barnsley Building Society.We have a Mildenhall conveyancing solicitor but Barnsley Building Society says she’s not listed on their approved list of member firms. It seems we are left with no choice but to instruct a Barnsley Building Society panel firm or keep our high street solicitor and pay for one of their panel ones to represent them. This seems very unfair; Can we not simply insist that Barnsley Building Society use our lawyer?

No, not really. The loan offered to you is subject to its terms and conditions, a common one being that lawyers must be on the Barnsley Building Society conveyancing panel. Until recently, most banks had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Barnsley Building Society

I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a simple, chain free conveyancing. Mildenhall is where the house is located. What do you suggest?

Flying freeholds in Mildenhall are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Mildenhall you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Mildenhall may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

I work for a reputable estate agency in Mildenhall where we see a few flat sales derailed due to leases having less than 80 years remaining. I have received conflicting advice from local Mildenhall conveyancing solicitors. Could you confirm whether the owner of a flat can start the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Mildenhall Leasehold Conveyancing - Examples of Questions you should ask Prior to buying

How many years are left on the lease? It is important to be aware whether fixing the lift or some other significant cost is pending that will be shared by the tenants and could well dramatically impact the level of the maintenance charges or necessitate a one off payment. Please note if it is fewer than eighty years it will impact the value of the apartment. It is worth checking with your mortgage company 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 probably require a lease extension sooner rather than later and you need to have some idea of what this would cost. For most Mildenhalllease extensions you will be required to have owned the residence for a couple of years in order to be eligible to exercise a lease extension.

I am purchasing a house and need a conveyancing solicitor in Mildenhall who is on the mortgage company conveyancing panel. Could you point me in the right direction as regards a Mildenhall solicitor?

Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the lender who conduct conveyancing in Mildenhall. We dont recommend any particular conveyancing practice.