I purchased a freehold premises in Hook Norton but nevertheless charged rent, why is this and what is this?

It is rare for properties in Hook Norton and has limited impact for conveyancing in Hook Norton 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 creation of new rentcharges post 1977.

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

Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Hook Norton I like with amenity areas and railway links in the vicinity, however it only has 49 remaining years left on the lease. I can't really find anything else in Hook Norton suitable, so just wondered if I would be making a mistake acquiring a short lease?

Should you require a mortgage that many years will be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.

I'm remortgaging my primary home to a buy to let mortgage with Barnsley Building Society and I will use the rest of the raised equity as a deposit on further house. The neighborhood we are interested in is Hook Norton. Will your conveyancers be able to act for both sets of lenders and tie in the conveyances?

Do use our comparison tool on this site to check that the lawyers are on the appropriate lender panels. Having checked that they are your conveyancer will be able to connect the two transactions but you should talk with you conveyancer and communicate your expectations and requirements.

I am hoping to put an offer on a small detached house that seems to be perfect, at a great figure which is making it all the more appealing. I have since been informed that it's a leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Hook Norton. Conveyancing lawyers have are soon to be appointed. Will they explain the issues?

The majority of houses in Hook Norton are freehold and not leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. It is clear that you are purchasing in Hook Norton so you should seriously consider looking for a Hook Norton conveyancing solicitor and check that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’spermission to carry out alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the property is part of an estate. Your solicitor will appraise you on the various issues.

I bought a leasehold flat in Hook Norton, conveyancing was carried out in 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Hook Norton with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £65 yearly. The lease finishes on 21st October 2085

With only 61 years unexpired we estimate the premium for your lease extension to span between £19,000 and £22,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.

Developers have suggested I use a property lawyer and I've received an estimate from them. They are nearly two hundred pounds cheaper than my preferred Hook Norton lawyer. What's the catch?

Builders normally have lists of solicitors who are quick and who know the developer’s contract and solicitor. As many developers offer an incentive to use a preferred conveyancing practitioner for this reason, any increased cost can be avoided and a developer will not put forward a conveyancing warehouse and run the risk of having the transaction stall when they demand an exchange in 28 days. The argument for not agreeing to use the suggested solicitor is that they may be unwilling to fight for your interests at the risk of alienating the developer. Where you have concerns that this may be the situation you should keep with your local Hook Norton solicitor.