I own a freehold residence in Baschurch yet invoiced for rent, why is this and what is this?

It is rare for properties in Baschurch and has limited impact for conveyancing in Baschurch 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 fresh rentcharges from 1977 onwards.

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

My wife and I have recently appointed a conveyancing solicitor in Baschurch. I need to find out if they are accepted on the Coventry Building Society conveyancing panel. Could you advise?

The first thing to do is phone your lawyer and ask them whether they can act for the bank. Otherwise you can get in touch with Coventry Building Society who may be able to assist.

I'm buying my first flat in Baschurch with the aid of help to buy. The developers would not move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not to tell my solicitor about the side-deal as it will impact my loan with Birmingham Midshires. Is this normal?.

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

I am tempted by the attractive purchase price for a two apartments in Baschurch which have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Baschurch is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and banks, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Baschurch conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Baschurch Leasehold Conveyancing - Sample of Questions you should ask before buying

Are there any major works in the near future that could increase the service fees? Who is in charge of the building? Does this lease have more than 85 years remaining?

I have chosen a Baschurch conveyancing solicitor for our house purchase (FTB’s) and have spotted in the Ts and Cs that they are not overseen by the FCA. Need I be worried or is that the norm with conveyancer?

We can't see why they should be. Most conveyancer don't lend money. You should check that they are governed by the SRA, who have specific rules in place on amounts sitting by them.