I own a freehold premises in Ratcliff yet pay rent, why is this and what is this?

It’s unusual for properties in Ratcliff and has limited impact for conveyancing in Ratcliff 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 from 1977 onwards.

Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be dispensed with completely.

I am buying my first flat in Ratcliff benefiting from help to buy. The sellers would not move on the amount so I negotiated £7000 of extras instead. The estate agent advised me not inform my solicitor about this extras as it may jeopardize my loan with Virgin Money. 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.

I opted to have a survey done on a property in Ratcliff in advance of retaining lawyers. I have been told that there is a flying freehold overhang to the house. Our surveyor has said that some lenders tend refuse to issue a mortgage on this type of home.

It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you contact us we can look into this further with the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ratcliff. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ratcliff to see if the conveyancing costs will increase in light of this.

Is it best to use a Ratcliff conveyancing lawyer based in the vicinity that I am purchasing? An old friend can carry out the conveyancing however his firm is located 300miles drive away.

The benefit of a local Ratcliff conveyancing practice is that you can visit the firm to execute documents, present your identification documents and pester them if necessary. Having local Ratcliff know how is a bonus. However it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and on the whole were content that should surpass using an unknown Ratcliff conveyancing solicitor solely due to them being based in the area.

I'm purchasing a property in Ratcliff. I have found my conveyancer's company on the Law Society's list, but I can't find my conveyancer's name on the list. Is this a big problem?

Not all staff in the law firm must be listed by the regulator. As long there is someone qualified to 'oversee' the transaction, the actual day-to-day activity can be conducted by unlicensed staff.