My home in Cullompton is up for sale and I have a buyer. Will my lawyer need to be on the Barclays conveyancing panel in order to deal with repayment of my mortgage?

Ordinarily, even if your lawyer is not on the Barclays conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their panel criteria fairly frequently at the moment.

How does conveyancing in Cullompton differ for newly converted properties?

Most buyers of new build property in Cullompton contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the residence is finished. This is because developers in Cullompton usually purchase 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 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 Cullompton or who has acted in the same development.

I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a quick, chain free conveyancing. Cullompton is the location of the property. Can you shed any light on this issue?

Flying freeholds in Cullompton are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cullompton you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cullompton may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.

I need to appoint a conveyancing solicitor for some conveyancing in Cullompton. I've land on a web site which seems to have the ideal solution If there is a chance to get all the legals done via phone that would be preferable. Should I be wary? What are the potential pitfalls?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

I am attracted to a couple of maisonettes in Cullompton which have in the region of fifty years remaining on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Cullompton is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and mortgage companies, 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 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 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 Cullompton 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 the agreed 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 basement flat in Cullompton, conveyancing was carried out 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Cullompton with a long lease are worth £222,000. The ground rent is £50 invoiced annually. The lease ceases on 21st October 2095

With just 71 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.