I purchased a freehold property in Badminton but nevertheless invoiced for rent, why is this and what is this?

It is rare for properties in Badminton and has limited impact for conveyancing in Badminton 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 many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.

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

The Badminton conveyancing solicitors that I appointed last week on my purchase in Badminton have suddenly shut down. I chose them because I needed a firm on the Nationwide conveyancing panel and my preferred Badminton lawyer was not. I wrote them a cheque for £250 in advance. What should be my next steps?

Assuming that you have an Estate Agent in the equation then inform them straight away so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Nationwide conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.

How does conveyancing in Badminton differ for new build properties?

Most buyers of new build residence in Badminton contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Badminton tend to purchase the site, 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 conveyancing solicitors 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 Badminton or who has acted in the same development.

I am looking for a flat up to £195,000 and found one close by in Badminton I like with a park and transport links nearby, the downside is that it only has 51 remaining years left on the lease. There is not much else in Badminton in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?

If you need a home loan the shortness of the lease may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.

I have been advised by a number of estate agents in Badminton to choose a property lawyer on your site. What’s the financial inducement for Estate Agents to promote your services rather than alternative conveyancing organisations?

We refuse to give any referral fee for directing people in our direction. We thought it would be too underhand a fee because members of the public would think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.