The property market in Chinatown is heating up. What can I do to speed up matters?

In a situation where you are under a tight deadline for your conveyancing we would recommend that your solicitor is familiar with the location as they will make use of local contacts and know-how. It is possible that they may have transacted previoushomes in the same street. You would be best advised to use a Chinatown conveyancing solicitor. Second, make sure that the lawyer is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of Chinatown conveyancing deals are suspended or jeopardised after finding out that a purchaser’s lawyer was not on their banks panel. In many cases this discovery resulted in the legal transfer of property being delayed by as much as three weeks. It is understood that this issue impacts approximately 100,000 home sales every year. Most Chinatown conveyancing practices can not act for certain lenders so do check as early as possible.

My wife and I are purchasing a property in Chinatown. It might be a silly question but how we can trust a solicitor? On the day of competition we have to put money into their account. What is the protection we have from them run away with our money?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

When it comes to mortgage companies such as , do Chinatown face an annual charge to be on the list of approved solicitors?

We are not aware of any bank fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.

I was told two weeks ago that my mortgage has been agreed to by . Is it usual for to only issue the offer once my solicitor in Chinatown is approved on their conveyancing panel? have asked my solicitor to see a copy of their PI Insurance.

Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for to deal with your lawyer's application to be on the conveyancing panel. There's no guarantee that your solicitor will be accepted.

I am looking for a leasehold apartment up to £235,500 and found one close by in Chinatown I like with open areas and station nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Chinatown for this price, so just wondered if I would be making a grave error buying a short lease?

If you require a home loan the remaining unexpired lease term may be problematic. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor about this.

I'm remortgaging my primary home to a buy to let mortgage with and intend to use the remaining equity towards further property. The area we are interested in is Chinatown. Will your conveyancers be able to act for both sets of banks and tie in the transactions?

Make use of our search tool on this site to be sure that the conveyancers are approved by both banks. Assuming that they are the conveyancer should be able to connect the two deals but you should have a chat with you solicitor and make clear your desired outcome and requirements.

I acquired a basement flat in Chinatown, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Chinatown with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ceases on 21st October 50

With 50 years remaining on your lease we estimate the premium for your lease extension to range between £36,100 and £41,800 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.