I am getting a mortgage with Nat West. I would like to retain the legal services of a Licensed Conveyancer in Holmes Chapel. Does the Nat West Solicitor panel allow for conveyancers regulated by the CLC?

The Nat West approved solicitor list is, like many other lenders, represented by the CML or Building Society Association, open to Licensed Conveyancers regulated by the Council of Licensed Conveyancers.

In the event thatI were to acquire a simple residential housein Holmes Chapel for cash and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Holmes Chapel?

The only saving you would achieve is the Holmes Chapel conveyancing searches. The conveyancing practitioner still be obliged to do everything else - money laundering, correspond with your sellers conveyancer, stamp duty submission, register the property etc. A slight saving might be made by not having to register a charge however it will not be meaningful.

Why do I have to pay up front for my conveyancing in Holmes Chapel?

If you are buying a property in Holmes Chapel your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. Ordinarily this is needed to cover the fees of the conveyancing searches. When the down payment is as part of the purchase price then this will be asked for shortly prior to exchange of contracts. The final balance that is needed will be payable a few days ahead of the completion date.

Will our solicitor be raising enquiries regarding flooding during the conveyancing in Holmes Chapel.

The risk of flooding is if increasing concern for solicitors dealing with homes in Holmes Chapel. There are those who acquire a property in Holmes Chapel, completely aware that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.

Conveyancers are not best placed to offer advice on flood risk, however there are a numerous searches that may be initiated by the buyer or by their conveyancers which will figure out the risks in Holmes Chapel. The standard information given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) incorporates a usual question of the vendor to determine if the premises has suffered from flooding. If flooding has previously occurred and is not revealed by the vendor, then a buyer may commence a compensation claim stemming from an inaccurate response. A purchaser’s solicitors will also order an environmental report. This should higlight whether there is any known flood risk. If so, further investigations will need to be initiated.

I am looking at a two maisonettes in Holmes Chapel both have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Holmes Chapel is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and lenders, 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 property 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 property 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 Holmes Chapel 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 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 bought a leasehold flat in Holmes Chapel, conveyancing formalities finalised 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Holmes Chapel with over 90 years remaining are worth £176,000. The ground rent is £50 yearly. The lease ends on 21st October 2076

With just 50 years unexpired the likely cost is going to range between £31,400 and £36,200 plus 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 the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.