My partner and I are acquiring a newly constructed duplex in Flackwell Heath and my conveyancer is informing me that she has to the mortgage company to reveal incentives from the builder. I am nearing the developer’s deadline to exchange contracts and I don't want to prolong deal. Is my lawyer right?

You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

What happens if my solicitor is expelled from the Principality Solicitor panel ahead of completing my conveyancing in Flackwell Heath?

The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.

My wife and I are buying a property in Flackwell Heath. I might seem paranoid but how we can trust a solicitor? On the day of competition we will need to deposit our life savings into their account. What is the protection we have from them run away with our money?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

My conveyancer has informed me that defective lease insurance is required on my purchase. What is the level of cover for Flackwell Heath conveyancing?

The appropriate level of defective lease indemnity insurance depends on who your lender is. It would differ for example between Halifax and Skipton Building Society. Conveyancing solicitors as opposed to borrowers take out such insurances.

I currently have a mortgage with Virgin Money for my property in Flackwell Heath. Conveyancing was finalised a year ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Virgin Money?

Virgin Money must be informed of your intention prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. It should not be necessary to do this via a Virgin Money conveyancing panel lawyer.

How does conveyancing in Flackwell Heath differ for newly converted properties?

Most buyers of new build residence in Flackwell Heath approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Flackwell Heath 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 accustomed to new build conveyancing in Flackwell Heath or who has acted in the same development.

I am looking at a two flats in Flackwell Heath both have about 50 years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold apartment in Flackwell Heath is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with under 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 a residence 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 Flackwell Heath conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 am the registered owner of a 1st floor flat in Flackwell Heath, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Flackwell Heath with a long lease are worth £202,000. The average or mid-range amount of ground rent is £60 invoiced every year. The lease terminates on 21st October 2082

With just 57 years left to run the likely cost is going to be between £28,500 and £33,000 as well as costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account 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 before seeking the advice of a professional.