I purchased a freehold residence in Stourport On Severn but nevertheless pay rent, why is this and what is this?

It’s unusual for properties in Stourport On Severn and has limited impact for conveyancing in Stourport On Severn 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 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 post 2037 is to be extinguished.

We're in Stourport On Severn, First time buyers buying with a mortgage (lender is HSBC , and our solicitor is on the HSBC conveyancing panel). How long should the conveyancing process take?

The fact that your lawyer is on the HSBC conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.

I'm buying a new build house in Stourport On Severn with a loan from Virgin Money. The builders would not budge the price so I negotiated £7000 of additionals instead. The property agent advised me not reveal to my conveyancer about this deal as it would affect my mortgage with the lender. Do I keep my lawyer in the dark?.

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

Due to the input of my in-laws I had a survey completed on a house in Stourport On Severn before appointing lawyers. I have been told that there is a flying freehold element to the property. My surveyor has said that some mortgage companies will refuse to issue a loan on this type of property.

It varies from the lender to lender. Santander has different instructions from Nationwide. Should you wish to telephone 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 accustomed to dealing with flying freeholds in Stourport On Severn. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Stourport On Severn to see if the conveyancing will be more expensive.

Can you offer any advice when it comes to finding a Stourport On Severn conveyancing practice to deal with our lease extension?

When appointing a solicitor for your lease extension (regardless if they are a Stourport On Severn conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Stourport On Severn conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:

What are the legal fees for lease extension conveyancing?

I am the registered owner of a basement flat in Stourport On Severn, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Stourport On Severn with an extended lease are worth £186,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2077

You have 52 years remaining on your lease the likely cost is going to span between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to 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.