I purchased a freehold property in Chorley but nevertheless charged rent, why is this and what is this?

It is rare for properties in Chorley and has limited impact for conveyancing in Chorley 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 establishment of new rentcharges from 1977 onwards.

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

We are expecting a mortgage offer soon. The bank mentioned the mortgage came with free conveyancing. Does this mean I have to instruct their panel lawyer as I would prefer to appoint a local conveyancing solicitor in Chorley?

You should check but the the probability is that allocate you one of their panel lawyers if you want the "fee-free" deal. Contact the bank to explore if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards your preferred conveyancing solicitor in Chorley.

My wife and I are buying a property in Chorley. I might seem paranoid but how we can trust a conveyancer? At some point we will need to put funds into their account. What protection do we have from them run away with our monies?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

We are due to move house in March. Will my conveyancing solicitor communicate with the removal company on the day of completion. Incidentally, can you put forward a removal company in Chorley. Conveyancing solicitor was organised before I stumbled across your site.

On the day of completion you will need to collect the keys from the selling agent however this should only happen when the previous owners solicitors confirm to the agent that they acknowledge receipt of the completion payment and the keys can be handed over. You can tell the removal men that they can start moving you in. As a matter of policy we do not suggest a particular removal company but can assist you in choosing a residential property solicitor in Chorley or a legal practice with expertise in conveyancing in Chorley.

When it comes to lenders such as UBS, do Chorley conveyancing practitioners incur a fee to be on the list of approved solicitors?

We are not aware of any mortgage company fees to register on their list of approved firms, although some do levy an administration charge to deal with the processing of the conveyancing panel submission.

How does conveyancing in Chorley differ for newly converted properties?

Most buyers of new build property in Chorley approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is built. This is because developers in Chorley usually acquire the land, 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 conveyancers 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 used to new build conveyancing in Chorley or who has acted in the same development.

I am tempted by the attractive purchase price for a two apartments in Chorley which have about forty five years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Chorley is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and mortgage companies, leases with less than 75 years become less and less marketable. On a more upbeat 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 Chorley 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 am the registered owner of a studio flat in Chorley, conveyancing was carried out in 1999. How much will my lease extension cost? Corresponding flats in Chorley with a long lease are worth £190,000. The ground rent is £45 levied per year. The lease finishes on 21st October 2086

With 62 years left to run we estimate the premium for your lease extension to range between £17,100 and £19,800 as well as professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.