I own a freehold property in Bourne End but still charged rent, why is this and what is this?

It’s unusual for properties in Bourne End and has limited impact for conveyancing in Bourne End 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 establishment of new rentcharges from 1977 onwards.

Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.

Various web forums that I have frequented warn that are the number one cause of stalling in Bourne End conveyancing transactions. Is that correct?

The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Bourne End.

Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what should have been a simple, no chain conveyancing. Bourne End is the location of the property. Can you shed any light on this issue?

Flying freeholds in Bourne End are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bourne End you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bourne End 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.

Am I best advised to appoint a Bourne End conveyancing solicitor who is local to the property I am buying? I have an old university friend who can conduct the legal work however they are based 300kilometers away.

The benefit of a high street Bourne End conveyancing practice is that you can attend the office to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. Having local Bourne End know how is a bonus. However nothing is more important than finding someone that will pull out all the stops for you. If if people you trust used your friend and in the main were content that must surpass using an unknown Bourne End conveyancing solicitor just because they are based in the area.

Having checked my lease I have discovered that there are only 72 years remaining on my lease in Bourne End. I need to extend my lease but my freeholder is missing. What are my options?

If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have used your best endeavours to find the landlord. For most situations an enquiry agent should be helpful to carry out a search and to produce an expert document to be accepted by the court as proof that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Bourne End.

I own a 1st floor flat in Bourne End, conveyancing having been completed 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Bourne End with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease terminates on 21st October 2077

With only 53 years unexpired we estimate the premium for your lease extension to be between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.