I own a freehold property in Burnham yet charged rent, why is this and what is this?

It is rare for properties in Burnham and has limited impact for conveyancing in Burnham 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 establishment of fresh rentcharges from 1977 onwards.

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

I am considering applying for a HSBC mortgage for purchase of a newly converted (under development) in Burnham with 65 per cent LTV. Is it compulsory to choose a solicitor on the conveyancing panel for HSBC ?

In theory, you could use a solicitor that is not on the HSBC conveyancing panel, but HSBC would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.

I am looking for a leasehold apartment up to £235,500 and identified one round the corner in Burnham I like with amenity areas and transport links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Burnham in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?

Should you need a home loan the shortness of the lease may be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor about this.

My business partner and I are hoping to lease a unit on the high street. Can you recommend conveyancers offering fixed costs for non-domestic conveyancing in Burnham for below £1,200?

We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Burnham, including the disposal and acquisition of businesses as well as simply premises. Whether you are looking to acquire or dispose of a shop, pub, restaurant, office, retail unit or a whole business we can put you in touch with the right solicitor. As for the fees this will depend on the structure and complexity of the proposed transaction. Please provide us with your details or telephone so as to enable us to furnish you with comprehensive commercial conveyancing calculation.

Can you provide any advice for leasehold conveyancing in Burnham from the perspective of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Burnham can be reduced where you appoint lawyers as soon as your agents start advertising the property and ask them to collate the leasehold documentation which will be required by the buyers’ conveyancers.
You may think that you are aware of the number of years left on your lease but it would be advisable verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to proceed with the purchase of a leasehold property the lease term is below 75 years. It is therefore essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. In the event that you altered the property did you need the Landlord’s permission? Have you, for example laid down wooden flooring? Burnham leases often stipulate that internal structural alterations or laying down wooden flooring require a licence from the Landlord consenting to such changes. Where you fail to have the consents to hand you should not contact the landlord without contacting your solicitor in advance. If you have had any disputes with your landlord or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be reluctant to purchase a flat where there is a current dispute. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to present the dispute as over rather than unresolved.

I acquired a 1 bedroom flat in Burnham, conveyancing formalities finalised 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Burnham with a long lease are worth £201,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2091

With 65 years remaining on your lease we estimate the premium for your lease extension to span between £13,300 and £15,400 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.