I own a freehold premises in Fairford but nevertheless invoiced for rent, why is this and what is this?

It’s unusual for properties in Fairford and has limited impact for conveyancing in Fairford 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 many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges post 1977.

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 extinguished.

My bid for a property was accepted at auction in Fairford. Conveyancing is necessary. What are my next steps?

Having for in every practical sense signed on the dotted line you must appoint a conveyancing lawyer quickly as you will have a tight a fixed date to complete the purchase. All auction property should have a bespoke auction set of papers. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the conveyancing pack should include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork relating to a leasehold property. You must give this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that you have funds in order to complete on the date specified in the contract.

I can not fathom if my lender requires a lease extension. I have called my Fairford bank branch on various occasions and was told they are content with the situation and they will lend. My Fairford conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they would not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.

Provided that the lawyer is on the bank approved list, they must adhere to the CML Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.

I was told two weeks ago that my mortgage has been agreed to by Lloyds. Is it usual for Lloyds to only issue the offer once my solicitor in Fairford is approved on their conveyancing panel? Lloyds have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.

A lender would not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Lloyds to deal with your lawyer's application to be on the Lloyds conveyancing panel. There's no guarantee that your solicitor will be accepted.

What can a local search tell me regarding the property we're buying in Fairford?

Fairford conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search organisations such as Searches UK The local search plays a central part in many a Fairford conveyancing purchase; that is if you don’t want any unpleasant once you have moved into your property. The search should reveal data on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.

I am buying my first flat in Fairford with a mortgage from Aldermore. The sellers would not move on the price so I negotiated 6k of extras instead. The house builders rep suggested that I not to tell my conveyancer about the side-deal as it could impact my mortgage with Aldermore. Should I keep quiet?.

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

Back In 2009, I bought a leasehold house in Fairford. Conveyancing and Chelsea Building Society mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1996. The conveyancing practitioner in Fairford who acted for me is not around. Do I pay?

The first thing you should do is make enquiries of HMLR to make sure that this person is indeed the registered owner of the freehold reversion. There is no need to instruct a Fairford conveyancing firm to do this as it can be done on-line for £3. You should note that in any event, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.

I own a ground floor flat in Fairford, conveyancing was carried out in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Fairford with an extended lease are worth £216,000. The ground rent is £50 yearly. The lease expires on 21st October 2093

With 69 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 as well as professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.