I purchased a freehold residence in Burnham Market yet charged rent, why is this and what is this?

It’s unusual for properties in Burnham Market and has limited impact for conveyancing in Burnham Market 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 hundreds of years, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.

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

We are buying a victorian detached house in Burnham Market. We would like to an extension at the rear at the house.Will the conveyancing process involve checks to determine if these works are permitted?

Your property lawyer should review the deeds as conveyancing in Burnham Market will sometimes identify restrictions in the title documents which prevent categories of works or require the consent of another owner. Certain additions need local authority planning permissions and approval in accordance building regulations. Many locations are designated conservation areas and special planning restrictions apply which often prevent or affect extensions. It would be prudent to check these issues with a surveyor prior to committing yourself to a purchase.

When it comes to lenders such as Bank of Ireland, do Burnham Market lawyers have to pay a fee to be on the list of approved solicitors?

We are unaware of any bank fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.

I recently had an offer agreed on an apartment in Burnham Market. My financial adviser suggested a property lawyer. I paid an advanced payment of £175. A couple of days later, the lawyer called me embarrassingly acknowledging that they were not on the Santander 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 Santander 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.

How does conveyancing in Burnham Market differ for newly converted properties?

Most buyers of new build or newly converted property in Burnham Market approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Burnham Market tend to acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Burnham Market or who has acted in the same development.

I have been on the look out for a flat up to £235,500 and found one near me in Burnham Market I like with open areas and station in the vicinity, however it only has 49 years on the lease. There is not much else in Burnham Market in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?

If you need a mortgage that many years may be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.

What does commercial conveyancing in Burnham Market cover?

Burnham Market conveyancing for business premises covers a wide array of guidance, supplied by regulated solicitors, relating to business premises. For instance, this area of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.