I own a freehold property in Bingham but still pay rent, why is this and what is this?

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

Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.

I am purchasing a new build flat in Bingham. Conveyancing solicitors are said to be ‘a necessary evil’ but can I do it myself?

Leaving aside the complexities and merits of DIY conveyancing in Bingham you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Bingham.

My wife and I own a semi-detached Georgian house in Bingham. Conveyancing solicitor acted for me and The Royal Bank of Scotland. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, the second leasehold under the matching property. Is it worth asking The Royal Bank of Scotland to clarify?

You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bingham and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing practitioner who conducted the purchase.

I'm refinancing my current home to a buy to let mortgage with Nottingham Building Society and intend to use the remaining equity towards another property. The neighborhood we are looking at is Bingham. Will your conveyancers be able to act for the two lenders and link together the two deals?

Do use our search tool on this page to be sure that the solicitors are approved by both banks. On the basis that they are the solicitor should be able to connect the two deals but you should talk with you solicitor and communicate your desired outcome and needs.

I am tempted by the attractive purchase price for a couple of flats in Bingham which have approximately fifty years left on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Bingham is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most buyers and lenders, leases with less than 75 years become less and less marketable. 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 residence 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 Bingham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 the agreed 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.

I own a split level flat in Bingham, conveyancing was carried out March 2012. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Bingham with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2076

With only 52 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.