I am the registered owner of a freehold residence in Prescot yet charged rent, why is this and what is this?

It’s unusual for properties in Prescot and has limited impact for conveyancing in Prescot 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 creation of fresh rentcharges from 1977 onwards.

Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.

I am considering applying for a mortgage for purchase of a new build (under development) in Prescot with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for ?

In theory, you could use a solicitor that is not on the conveyancing panel, but would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same transaction.

My wife and I are purchasing a property in Prescot. I might seem paranoid but how we can trust a conveyancer? On the day of competition we will need to deposit our life savings into their account. What protection do we have from them run away with our deposit?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

Is it the case that all Prescot solicitors on the conveyancing panel are governed by the SRA?

As a firm of solicitors, in order to be on the conveyancing panel they would need to be overseen by the SRA. Many lenders do permit licenced conveyancers on their panel and in that case the practice would be overseen by the Council of Licensed Conveyancers.

We expect to receive a DIP from this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do recommend any Prescot solicitors on the conveyancing panel, or is it better to find our own lawyer?

You will need to appoint Prescot solicitors independently although you'll need to choose one on the conveyancing panel. The solicitor represents both you and through the process.

Having had my offer accepted I require leasehold conveyancing in Prescot. Before I get started I would like to find out the unexpired term of the lease.

If the lease is registered - and 99.9% are in Prescot - 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.

Prescot Conveyancing for Leasehold Flats - Examples of Questions you should consider before buying

Who takes responsibility for maintaining and repairing the building? It is important to be aware whether a new roof is being put on or some other significant cost is coming up to be shared between the tenants and could well dramatically increase the the service charges or necessitate a specific payment. It would be sensible to find out if the the lease contains any unreasonable restrictions in the lease. For example some leases prohibit pets being allowed in certain buildings in Prescot. If you love the apartmentin Prescot however your cat can’t make the move with you then you will be faced hard compromise.

Our conveyancer in Prescot has uncovered a a problem with the lease for the flat we are buying in Prescot. The other side have suggested defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our solicitor has advised that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the lender?

Just because you have a mortgage offer from the mortgage company does not mean to say that the property will be meet their requirements for the purposes of a mortgage. Your Prescot conveyancing lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook Requirements. You and the bank are the client. These conveyancing instructions must be adhered to by the mortgage company conveyancing panel who has to balance acting for you and the bank