I am the registered owner of a freehold premises in Moreton In Marsh but still charged rent, why is this and what is this?

It’s unusual for properties in Moreton In Marsh and has limited impact for conveyancing in Moreton In Marsh 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 generation 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 in 2037 is to be extinguished.

I'm buying my first flat in Moreton In Marsh benefiting from help to buy. The developers would not reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent advised me not inform my lawyer about this extras as it may jeopardize my loan with Bank of Scotland. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder 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 am looking for a ground for flat up to £245,000 and found one near me in Moreton In Marsh I like with a park and transport links nearby, however it's only got 61 remaining years left on the lease. I can't really find anything else in Moreton In Marsh in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?

Should you need a mortgage the remaining unexpired lease term may be an issue. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.

I am looking into buying my first house which is in Moreton In Marsh and I am already nervous. I couldn't find anything specific about Moreton In Marsh. Conveyancing will be needed in due course but do you know about the Moreton In Marsh area? or perhaps some other tips you can share?

Rather than looking online forget looking online you should go and have a look at Moreton In Marsh. In the meantime here are some basic statistics that we found

What are the common defects that you see in leases for Moreton In Marsh properties?

Leasehold conveyancing in Moreton In Marsh is not unique. All leases are individual and legal mistakes in the legal wording can result in certain provisions are wrong. The following missing provisions could result in a defective lease:

A provision to repair to or maintain parts of the property

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Barclays , Chelsea Building Society, and Britannia all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

I purchased a basement flat in Moreton In Marsh, conveyancing formalities finalised 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Moreton In Marsh with an extended lease are worth £185,000. The ground rent is £65 per annum. The lease expires on 21st October 2086

With only 60 years left to run we estimate the price of your lease extension to span between £20,000 and £23,000 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.