My fiance and I are planning to purchase a flat in Crowborough and have appointed a Crowborough conveyancing practice. Within the past 48 hours our lawyer has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Birmingham Midshires have this evening contacted us to inform me that there is now an issue as our Crowborough solicitor is not on their conveyancing panel. What do we do from here?

If you are buying a property with the assistance of a mortgage it is normal for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel as you are at liberty to use your preferred Crowborough lawyers, in which case it will likely add costs, and it may delay matters as you have another set of people involved.

In what way does my ID and proof of funds have anything to do with my conveyancing in Crowborough? What am I being asked for?

In order to comply with Money Laundering Regulations any Crowborough conveyancing firm will require proof of identity in all conveyancing matters. This is usually dealt with by provision of a passport and an original bank statement or utility bill showing your correct address.

In accordance with Money Laundering Regulations, property lawyers are obliged by law to investigate not just the identity of conveyancing clients but also the origin of monies that they receive in respect of any matter. Refusal to disclose this will result in your lawyer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.

Your conveyancers are duty bound to make a disclosure to the appropriate authorities should they consider that any monies received by them may contravene the Money Laundering Regulations.

Are there restrictive covenants that are commonly identified during conveyancing in Crowborough?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Crowborough. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

How does conveyancing in Crowborough differ for newly converted properties?

Most buyers of new build property in Crowborough approach us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Crowborough usually acquire the site, 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 conveyancing solicitors 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 Crowborough or who has acted in the same development.

I am tempted by the attractive purchase price for a couple of apartments in Crowborough which have approximately 50 years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Crowborough is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, 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 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 Crowborough conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 invested in buying a leasehold flat in Crowborough, conveyancing formalities finalised 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Crowborough with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2078

With just 54 years unexpired the likely cost is going to be between £32,300 and £37,400 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.