I own a freehold premises in Colchester but nevertheless charged rent, why is this and what is this?

It’s unusual for properties in Colchester and has limited impact for conveyancing in Colchester 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 redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.

What is the difference between a licensed conveyancer and conveyancing solicitor in Colchester

There are two types of lawyers who can carry out conveyancing in Colchester namely CLC regulated conveyancers or solicitors. Both professionals handle conveyancing services that required to complete the sale or acquisition of property. Both are duty bound to handle Colchester conveyancing to the same standards and guidelines so you can be sure that your conveyancing will be properly carried out and that all requirements and procedures will be correctly taken.

We had selected solicitors based in Colchester on the Yorkshire BS solicitor approved list. They are now charging me a further sum for handling the Yorkshire BS mortgage. Is this a supplemental conveyancing fee specified by Yorkshire BS?

As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your conveyancer may charge a fee for this. This charge is not set by Yorkshire BS but by your Colchester property lawyer. Numerous firms on the Yorkshire BS panel will quote an ‘acting for lender’ fee and others do not.

How can we know in advance if a Colchester conveyancing solicitor on the Nationwide panel is any good?

When it comes to conveyancing in Colchester seeking recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer conducting your transaction.

We're new on the property ladder - agreed a price, but the selling agent advised that the owners will only proceed if we instruct their recommended conveyancers as they are insisting on an ‘expedited deal’. We would rather use a family conveyancer accustomed to conveyancing in Colchester

We suspect that the seller is not behind this request. Should the seller desire ‘a quick sale', turning down a serious buyer is counter productive. Speak to the vendors direct and explain that (a)you are keen to buy (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)however you will continue to instruct your own,trusted Colchester conveyancing solicitors - not the ones that will earn the estate agent a kickback or hit his conveyancing thresholds set by corporate headquarters.

I've recently bought a leasehold house in Colchester. Am I liable to pay service charges relating to a period prior to completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I invested in buying a basement flat in Colchester, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Similar properties in Colchester with an extended lease are worth £170,000. The ground rent is £50 invoiced annually. The lease terminates on 21st October 2104

With just 78 years unexpired we estimate the premium for your lease extension to range between £7,600 and £8,800 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. 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. You should not take any other action placing reliance on this information before seeking the advice of a professional.

Should I be concerned if there is an issue with the searches carried out as part of our conveyancing in Colchester?

Ordinarily, almost all issues arising from Colchester conveyancing search responses can be addressed prior to completion or indemnity insurance may be taken. It is important to note that regardless of the fact that you are buying the premises and may be content to accept the search results, your mortgage lender may not, and ultimately they have the word say.