I purchased a freehold residence in Colsterworth but nevertheless charged rent, why is this and what is this?

It’s unusual for properties in Colsterworth and has limited impact for conveyancing in Colsterworth 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 extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.

We just had an offer accepted to purchase with Loughborough BS. I called into a couple of local practices but cant to find a Colsterworth conveyancing firm on the Loughborough BS approved list. Please you help?

Please do take advantage of the search tool on this page. Please choose the lender and type Colsterworth or your location and you will see a number of lawyer located in Colsterworth or near you.

Due to the input of my in-laws I had a survey completed on a house in Colsterworth ahead of retaining solicitors. I have been told that there is a flying freehold overhang to the house. My surveyor advised that some lenders tend not issue a loan on a flying freehold home.

It varies from the lender to lender. Santander has different instructions for example to Halifax. If you contact us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Colsterworth. Conveyancing may be slightly more expensive based on your lender's requirements.

My cousin has encouraged me to instruct his conveyancing solicitors in Colsterworth. Do I take his guidance?

No doubt the best way to choose a conveyancing practitioner is to get recommendations from friends or relatives who have previously instructed the firm that you are contemplating using.

I am on look out for some leasehold conveyancing in Colsterworth. Before I get started I would like to find out the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and 99.9% are in Colsterworth - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

Leasehold Conveyancing in Colsterworth - Sample of Questions you should consider Prior to Purchasing

You should be aware if it is fewer than 80 years it will have adverse implications on the value of the property. Check with your lender that they are willing to to proceed given the lease term. Leases with less than 80 years remaining means that you will probably have to extend the lease at some point and it is worth finding out how much this will be. Remember, in most cases you would need to own the premises for two years before you are legally able to extend the lease. Does the lease include onerous restrictions? It would be sensible to discover if there is anything that is prohibited in the lease. For example it is very common in Colsterworth leases that pets are not allowed in in a block in Colsterworth. If you love the propertyin Colsterworth yet your dog can’t live with you then you will be faced difficult decision.