Is there a reason why leasehold purchase conveyancing in Farnham Royal is more expensive?

The conveyancing costs on a leasehold property in Farnham Royal is frequently greater as compared to a freehold transaction. This is due to the extra investigations necessary in corresponding with the freeholder and management company to collate the evidence about whether the rent and maintenance charges have been discharged and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the block.

I am purchasing my first flat in Farnham Royal with a loan from National Westminster Bank. The builders refused to move on the price so I negotiated five thousand pounds worth of additionals instead. The property agent suggested that I not to tell my conveyancer about the extras as it may impact my mortgage with National Westminster Bank. Is this normal?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I have been on the look out for a flat up to £245,000 and found one round the corner in Farnham Royal I like with amenity areas and transport links nearby, however it only has 61 remaining years left on the lease. I can't really find anything else in Farnham Royal suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?

If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.

Is it possible to transfer to a new conveyancer as I need to instruct a firm on the Accord Mortgages Ltd conveyancing list. I instructed a high street conveyancing solicitor in Farnham Royal five minutes from me but she is not approved by Accord Mortgages Ltd

It would be our pleasure to assist you find a conveyancing solicitor in Farnham Royal on the Accord Mortgages Ltd panel. Please note that the conveyancers that we list do not pay us a referral fee if you instruct them and are regulated by the Solicitors Regulation Authority who oversee all conveyancing solicitors in Farnham Royal. Using search facility on this website, you can scrutinise charges for conveyancing solicitors in Farnham Royal and beyond.

What makes a Farnham Royal lease problematic?

There is nothing unique about leasehold conveyancing in Farnham Royal. All leases are drafted differently and legal mistakes in the legal wording can result in certain sections are erroneous. For example, if your lease is missing any of the following, it could be defective:

Maintenance charge proportions which don’t add up to the correct percentage

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Mortgage Works, and Britannia all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

I acquired a 1 bedroom flat in Farnham Royal, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Farnham Royal with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease comes to an end on 21st October 2089

With 65 years remaining on your lease we estimate the price of your lease extension to be between £13,300 and £15,400 as well as 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 cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional 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 without first seeking the advice of a professional.