I own a freehold house in Stocksfield but nevertheless invoiced for rent, why is this and what is this?

It is rare for properties in Stocksfield and has limited impact for conveyancing in Stocksfield 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 fresh rentcharges post 1977.

Old 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 dispensed with completely.

I am refinancing my apartment in Stocksfield, does my lawyer need to be on the HSBC Solicitor panel?

There is nothing to stop you using your solicitor, but HSBC will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.

I am expecting a AIP from Yorkshire BS this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Yorkshire BS recommend any Stocksfield solicitors on the Yorkshire BS conveyancing panel, or is it better to find our own lawyer?

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

I recently had an offer agreed on a house in Stocksfield. My financial adviser pressured me to appoint their conveyancing practitioner. I paid an upfront payment of £225. Shortly after, the conveyancing practitioner called me embarrassingly acknowledging that they were not on the Aldermore conveyancing panel. Am I right in thinking that I should be due a refund?

You should be able to recover this from the law firm if they were not on the Aldermore panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.

TSB have agreed my home loan in principle, my offer on a flat in Stocksfield has been accepted, what are the next steps?

Your property agent will want to be advised as to your conveyancer's details (ensure that the lawyers are on the lender’s approved list). Call up TSB or the broker and finalise any relevant documentation. TSB will appoint a valuer who will get in contact with the selling agent or vendor to schedule a slot for the valuation to happen. Once conducted (assuming no problems) it takes on average a fortnight to get a mortgage offer. TSB will send the offer to you and your solicitors. The legal work will then take it’s course according the nature and complexity of the conveyancing in Stocksfield.

Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a simple, chain free conveyancing. Stocksfield is the location of the property. Can you shed any light on this issue?

Flying freeholds in Stocksfield are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stocksfield you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stocksfield may determine 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 am looking at a two apartments in Stocksfield which have about fifty years unexpired on the leases. should I be concerned?

There are plenty of short leases in Stocksfield. The lease is a legal document that entitles you to use the property for a prescribed time frame. As the lease gets shorter the marketability of the lease deteriorates and it becomes more costly to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you seek professional help from a conveyancer and surveyor with experience in this arena.

I invested in buying a 1 bedroom flat in Stocksfield, conveyancing formalities finalised April 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Stocksfield with an extended lease are worth £181,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2069

You have 51 years unexpired we estimate the premium for your lease extension to be between £30,400 and £35,200 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.