I have 71 years unexpired on my lease and require a lease extension for my flat in East Leake. Conveyancing solicitors on the Bank of Ireland panel can deal with such extensions right?

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 16/4/2024 the requirements read as follows :

I can see plenty of here regarding conveyancing in East Leake but what is your top tip for finding the right conveyancer in East Leake

Do not opt for the cheapest East Leake conveyancing costs illustration. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.

I am due to move property in May. Will my conveyancing solicitor communicate with the removal company on the day of completion. Incidentally, can you recommend a removal company in East Leake. Conveyancing lawyer was chosen before I stumbled across this website.

On the day of completion you will need to pick up the keys from the property agent but this can only be done after the previous owners lawyers inform the agent that the monies to complete are in and the keys can be passed over. You should inform the removal company that they can start moving you in. We are not in a position to recommend a specific removal organisation but can assist you in locating a conveyancing in East Leake or a legal practice with expertise in conveyancing in East Leake.

I am currently in the process of buying my council flat in East Leake. I have a mortgage agreed with Virgin Money. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?

It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Virgin Money, you will need to appoint a solicitor on the Virgin Money conveyancing panel.

Are there restrictive covenants that are commonly picked up during conveyancing in East Leake?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in East Leake. 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…’

I am a negotiator for a reputable estate agent office in East Leake where we have witnessed a few flat sales put at risk due to leases having less than 80 years remaining. I have received inconsistent advice from local East Leake conveyancing solicitors. Could you clarify whether the seller of a flat can instigate the lease extension process for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

I invested in buying a studio flat in East Leake, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in East Leake with a long lease are worth £191,000. The ground rent is £55 per annum. The lease ceases on 21st October 2077

With just 53 years remaining on your lease we estimate the premium for your lease extension to span between £27,600 and £31,800 plus legals.

The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be other issues 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 getting professional advice.

I have recently had an offer accepted on a leasehold flat in East Leake and the mortgage adviser that we are dealing with suggested his property lawyer. They quoted £800 plus VAT and 3rd party costs. Does this sound like a good deal?

You should not rely on 1 quote. One should seek like-for-like quotes for your conveyancing in East Leake. Then pick one that you trust and just as important, is on the approved list of the mortgage company that you are sourcing your mortgage from.