My fiancee and I are acquiring our first property. Our solicitor has e-mailedto see if we wish to take out additional conveyancing searches. We are really unsure what's relevant for conveyancing in Bridport

The number and type of Bridport conveyancing searches should be dictated primarily on the property, the location, the probability of any of these risks, your familiarity of the locality and risks, your general attitude to risk. What is important is that you properly comprehend what information the searches could supply. Then you can make a decision if you personally think you need that information. Should you be unclear, ask the solicitor to explain.

What does my ID and proof of funds have anything to do with my conveyancing in Bridport? Is this really warranted?

In order to comply with Money Laundering Regulations any Bridport conveyancing firm will require evidence of your identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility account showing where you live.

In accordance with Money Laundering Regulations, property lawyers are required to validate not simply the identity of conveyancing clients but also the source of monies that they receive in respect of any matter. An unwillingness to disclose this will lead to your lawyer terminating their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your property lawyers are duty bound to make a disclosure to the appropriate authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.

I decided to have a survey done on a property in Bridport ahead of retaining conveyancers. I have been told that there is a flying freehold aspect to the house. My surveyor advised that some lenders may refuse to grant a loan on a flying freehold premises.

It depends who your proposed lender is. Bank of Scotland has different instructions from Birmingham Midshires. Should you wish to telephone us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Bridport. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bridport to see if the conveyancing will be more expensive.

In what way can the Landlord & Tenant Act 1954 impact my commercial property in Bridport and how can your lawyers assist?

The 1954 Act gives a safeguard to commercial leaseholders, granting the dueness to make a request to court for a continuation of occupancy when the lease comes to an end. There are limited grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and help with commercial conveyancing in Bridport

I am tempted by the attractive purchase price for a couple of flats in Bridport which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Bridport is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and banks, leases with less than 75 years become less and less marketable. On a more positive 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 residence 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 Bridport 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 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 inherited a leasehold flat in Bridport, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Bridport with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2078

With only 53 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. 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. Neither should you move forward based on this information without first seeking the advice of a professional.