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Recently asked questions about conveyancing in Farnham Royal

When researching mumsnet.com for a high-quality lawyer in Farnham Royal, many advise that I should look for a CQS assured solicitor. What is CQS?

The Law Society's Conveyancing Quality Scheme is the recognised quality mark for legal experts in buying or selling property, trusted by some of the UK's major mortgage companies. Four years ago the Conveyancing Quality Scheme was officially recognised by the Legal Ombudsman. The scheme does not cover licenced conveyancers. Farnham Royal is one of the numerous areas of the UK where there are Accredited lawyers.

Just had an offer accepted on a new build flat in Farnham Royal. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Farnham Royal

    Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?

I have been on the look out for a leasehold apartment up to £305k and found one close by in Farnham Royal I like with open areas and railway links in the vicinity, however it's only got 51 years unexpired on the lease. There is not much else in Farnham Royal in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?

Should you require a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this.

I've recently bought a leasehold flat in Farnham Royal. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I inherited a 2 bed flat in Farnham Royal, conveyancing was carried out September 1998. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Farnham Royal with over 90 years remaining are worth £201,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2086

You have 64 years unexpired we estimate the premium for your lease extension to span between £14,300 and £16,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.

We are in the middle of purchasing a residence in Farnham Royal. Conveyancing lawyer has told us the title is "Leasehold". Does this adversely affect our mortgage valuation?

Farnham Royal conveyancing does not normally involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the marketability too much.

On the flip side, if it's, say, 50 years it is bound to have a material effect on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease provided to your conveyancer.

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