Our Southam lawyer has spotted an inconsistency between the information in the home valuation report and what is in the conveyancing documents. My lawyer has advised that he needs to ensure that the lender is OK with this discrepancy and is content to go ahead. Is my lawyer’s course or action correct?

Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.

I purchased a freehold property in Southam yet invoiced for rent, why is this and what is this?

It’s unusual for properties in Southam and has limited impact for conveyancing in Southam 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 generation of new rentcharges post 1977.

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

Just had an offer accepted on a new build flat in Southam. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Southam

Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.

I opted to have a survey carried out on a house in Southam before retaining lawyers. I have been informed that there is a flying freehold aspect to the house. Our surveyor advised that some banks may not issue a mortgage on a flying freehold property.

It varies from the lender to lender. HSBC has different requirements from Nationwide. If you contact us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Southam. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Southam to see if the conveyancing will be more expensive.

What are your top tips when it comes to appointing a Southam conveyancing practice to deal with our lease extension?

If you are instructing a solicitor for your lease extension (regardless if they are a Southam conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with two or three firms including non Southam conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:

How familiar is the firm with lease extension legislation? What are the charges for lease extension conveyancing?

I purchased a studio flat in Southam, conveyancing having been completed March 2000. 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? Similar properties in Southam with over 90 years remaining are worth £179,000. The ground rent is £65 charged once a year. The lease runs out on 21st October 2082

With 57 years left to run the likely cost is going to span between £26,600 and £30,800 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.