Last month we had a mortgage agreed in principle with Aldermore. Brackla conveyancing solicitors are chosen. What is the average time that one could expect to receive a mortgage offer from Aldermore?

Some lenders take longer than others. Have Aldermore conducted the valuation? Have you advised Aldermore as to your lawyers' details and checked that your lawyers are on the Aldermore conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.

It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Brackla building society branch on a couple of occasions and was told it does not affect the mortgage offer and they will lend. My Brackla conveyancing solicitor - who is on the lender conveyancing panel- telephoned to say that they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.

As long as the property lawyer is on the lender panel, they must comply with the CML Handbook requirements for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.

Our offer on a property in Brackla has been agreed to, the sellers do nevertheless have a tied purchase. The vendors have placed an offer on a property, however it’s not yet agreed to, and have viewings of other apartments booked. I have instructed a nearby conveyancing solicitor in Brackla. What do I do now? At what point should I apply for the mortgage with Bank of Ireland?

It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (home loan application is in the region of £1k, then survey, Brackla conveyancing search costs, etc). The first thing to do is ensure that your property lawyer is on the Bank of Ireland approved list. Regarding the subsequent steps this very much depends on the uniqueness of your transaction, attraction to the property and on the state of the market. In a hot market the majority of purchasers would apply for a home loan with Bank of Ireland and arrange for the valuation and only if it was satisfactory would they request their property lawyer to press on with the conveyancing in Brackla.

I completed on my house on 9 September and the transaction details are still not on the land registry website. Should I be concerned? My conveyancing solicitor in Brackla advises it will be dealt with in less than a month. Are transfers in Brackla particularly slow to register?

As far as conveyancing in Brackla registration is no quicker or slower than the rest of England and Wales. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether it is in order and if the Land registry have to notify any interested persons or bodies. At present in the region of three quarters of submission are fully addressed within 12 days but some can be subject to longer hold-ups. Registration occurs after the buyer has moved in to the premises therefore an expedited registration is not usually top priority but if there is a degree of urgency associated with the registration then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.

I am buying a new build house in Brackla with a mortgage from Alliance & Leicester . The builders would not move on the price so I negotiated five thousand pounds worth of extras instead. The sale representative advised me not to tell my solicitor about the extras as it could jeopardize my loan with the bank. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder 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.

My husband and I are first time buyers - agreed a price, yet the estate agent advised that the seller will only issue a contract if we appoint the agent's chosen conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a local solicitor used to conveyancing in Brackla

It is highly unlikely the owners are driving this. Should the vendor require ‘a quick sale', alienating a genuine buyer is not the way to achieve this. Contact the vendors directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with finances arranged © you do not need to sell (d) you wish to move quickly (e)however you will continue to use your preferred Brackla conveyancing firm - not the ones that will give the estate agent a referral fee or meet his conveyancing targets pre-set by senior management.

I am attracted to a couple of flats in Brackla which have in the region of 50 years unexpired on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Brackla is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. 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 property 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 premises 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 Brackla 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 purchased a studio flat in Brackla, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Brackla with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2087

You have 62 years remaining on your lease the likely cost is going to be between £17,100 and £19,800 as well as legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.