I own a freehold residence in Oldham yet invoiced for rent, why is this and what is this?

It’s unusual for properties in Oldham and has limited impact for conveyancing in Oldham 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 generation 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 dispensed with completely.

I am considering applying for a Clydesdale mortgage for purchase of a newly converted (under development) in Oldham with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Clydesdale ?

In theory, you could use a solicitor that is not on the Clydesdale conveyancing panel, but Clydesdale 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 transaction.

I am looking for a flat up to £305k and found one close by in Oldham I like with amenity areas and station in the vicinity, however it's only got 61 remaining years left on the lease. I can't really find anything else in Oldham suitable, so just wondered if I would be making a grave error acquiring a short lease?

If you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.

My husband and I are FTB’s - had an offer accepted, yet the estate agent told us that the seller will only go ahead if we instruct the agent's chosen conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a family solicitor who is familiar with conveyancing in Oldham

It is unlikely the owners are driving this. If they desire ‘a quick sale', turning down a motivated buyer is not the way to achieve this. Avoid the agents and go straight to the sellers and explain that (a)you are motivated buyers (b)you are excited to move forward, with finances in place © you are unencumbered (d) you intend to proceed fast (e)but you are going to instruct your preferred Oldham conveyancing lawyers - not the ones that will give their negotiator at the agency a commission or meet his conveyancing targets demanded by senior management.

I wish to let out my leasehold flat in Oldham. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Some leases for properties in Oldham do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord is not entitled to unreasonably refuse but, in such cases, they would need to review references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.

I own a ground floor flat in Oldham, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Oldham with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2088

With just 62 years left to run we estimate the premium for your lease extension to span between £17,100 and £19,800 plus professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.