All was ready to move into my new home in Bridgnorth next Thursday. My now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the mortgage company. What does the insurance need to cover?

Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These requirements are not specific to conveyancing in Bridgnorth.

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

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

Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.

When it comes to lenders such as , do Bridgnorth have to pay a yearly amount to be on the conveyancing panel?

We are not aware of any lender fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.

I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Bridgnorth bank branch on various occasions and was advised it wasn't an issue and they will lend. My Bridgnorth conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend based on their published requirements. Who do I believe?

Provided that the is on the mortgage company approved list, she or he must follow the Council of Mortgage Lenders’ Handbook conditions for the lender. 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 left on the lease.

have agreed my mortgage in principle, my bid on a apartment in Bridgnorth has been accepted, what happens next?

The estate agent will want to know who your solicitors are (be sure the are on the lender’s panel). Telephone or the financial adviser and complete any outstanding paperwork. will sellect a valuer who will get in touch with the selling agent or owners to schedule an appointment. Once carried out (assuming no problems) it takes on average ten days for the mortgage offer to be issued. will send the offer to you and your . The transaction will then take it’s course according the nature and complexity of the conveyancing in Bridgnorth.

Are there restrictive covenants that are commonly picked up as part of conveyancing in Bridgnorth?

Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Bridgnorth. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

I acquired a split level flat in Bridgnorth, conveyancing formalities finalised in 1995. Can you work out an approximate cost of a lease extension? Similar properties in Bridgnorth with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 50

You have 50 years unexpired the likely cost is going to span between £36,100 and £41,800 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.