I am not in a position to travel far from Water Orton. Is there a reason why all Water Orton conveyancers aren't automatically on all lender panels?

Lenders highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. It resulted in lenders removing a number of firms off their books of approved solicitors .

Do the conveyancing solicitors listed on your site perform attended exchange conveyancing in Water Orton?

We do have a number of conveyancing specialists carrying out attended exchanges. You should contact us to secure a conveyancing quote and details as to dates.

I'm purchasing a new build house in Water Orton with the aid of help to buy. The developers would not reduce the amount so I negotiated five thousand pounds worth of additionals instead. The house builders rep told me not inform my lawyer about the extras as it will impact my loan with the bank. Is this normal?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I opted to have a survey completed on a property in Water Orton before retaining conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders will refuse to give a mortgage on a flying freehold premises.

It varies from the lender to lender. HSBC has different requirements from Nationwide. If you call us we can investigate further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Water Orton. Conveyancing will be smoother if you use a solicitor in Water Orton especially if they are acquainted with such properties in Water Orton.

I am attracted to a couple of maisonettes in Water Orton which have in the region of fifty years left on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Water Orton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Water Orton conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I own a ground floor flat in Water Orton, conveyancing formalities finalised August 2009. Can you work out an approximate cost of a lease extension? Similar flats in Water Orton with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 levied per year. The lease finishes on 21st October 2080

With only 56 years left to run we estimate the premium for your lease extension to span between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.