I was told yesterday by my IFA that my Burwell the law firm I have appointed is not on the lender Solicitor panel. How can I be sure whether this is correct?

The best course of action for you to take is to call your Burwell lawyer directly. You lawyer should advise you of the situation. Where they are not on the panel they may recommend you to a Burwell conveyancing firm that is on the conveyancing panel for your bank.

The owners have rather pushy vendors who has recommended a preliminary contract with a deposit 6,000. Are such agreements sensible?

Exclusivity contracts are agreements binding a property vendor and purchaser giving the buyer exclusive rights to purchase the premises within a prescribed time frame. For all intents and purposes, an exclusivity agreement is a contract specifying that you will have a contract at a later date being the main conveyancing contract. It is generally utilised for buyer protection though in some cases, the vendor may enjoy an upside from such agreements as well. There are many pros and cons to having an agreement but you should to check with your lawyer but beware that it may end up incurring extra in conveyancing fees. In light of this these contracts are rare in relation to conveyancing in Burwell.

I am considering applying for a Aldermore mortgage for purchase of a new build (under development) in Burwell with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Aldermore ?

There is nothing to stop you using your solicitor, but Aldermore will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.

How does conveyancing in Burwell differ for newly converted properties?

Most buyers of new build residence in Burwell contact us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Burwell typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Burwell or who has acted in the same development.

Can you provide any top tips for leasehold conveyancing in Burwell with the purpose of saving time on the sale process?

• Much of the frustration in leasehold conveyancing in Burwell can be reduced where you instruct lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the buyers’ solicitors.
Some Burwell leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. The majority of freeholders or managing agents in Burwell levy fees for providing management packs for a leasehold property. You or your lawyers should discover the fee that they propose to charge. The management pack can be applied for on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent cause of frustration in leasehold conveyancing in Burwell. You may think that you are aware of the number of years left on your lease but it would be wise to verify this by asking your lawyers. A buyer’s conveyancer will not be happy to advise their client to to exchange contracts if the remaining number of years is below 75 years. In the circumstances it is important at an early stage that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.

I invested in buying a leasehold flat in Burwell, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Burwell with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2089

With only 64 years left to run we estimate the price of your lease extension to range between £14,300 and £16,400 as well as professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.