At what point does exchange of contracts happen for purchase conveyancing in Lanchester and am I required to attend the solicitors office?

If you are round the corner to one of the conveyancing solicitors in Lanchester you are invited in to sign the paperwork. However, the lender approved solicitors we work with supply countrywide coverage for conveyancing and give as equally diligent and professional a job for you when communicating with you by post or email. The executing of the purchase agreement is not when everything is set in stone. A signed contract is necessary for the firm to exchange contracts at the appropriate time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Lanchester)to be in the office at the appropriate time.

My mortgage company has recommended a law firm on their panel based in Lanchester but I would rather choose a conveyancing lawyer in Lanchester round the corner to me. Can you assist?

Far from all Lanchester conveyancing practices are on all lender’s conveyancing panel. Please make the most of the above search tool to find a Lanchester conveyancing conveyancer on the on the bank panel.

I am looking for a ground for flat up to £305k and found one round the corner in Lanchester I like with open areas and station nearby, however it only has 49 remaining years left on the lease. There is not much else in Lanchester in this price bracket, so just wondered if I would be making a mistake purchasing a short lease?

Should you require a mortgage the shortness of the lease will likely be an issue. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.

I am 18 days into a leasehold purchase having been directed to a firm by the selling agent to execute conveyancing in Lanchester. We are not happy. Can you you assist me in finding new conveyancers?

A conveyancer would need to be really poor in order to consider diss instructing them. Has the mortgage been generated? If so you must make them aware of the replacement lawyer and have the mortgage documents are re-issued. The conveyancer should be on the lenders panel to avoid supplemental costs and complications. That should be your first question of the new solicitors. Our find a solicitor tool should help you find a lender approved lawyer for your home move in Lanchester

I am employed by a reputable estate agent office in Lanchester where we see a few flat sales derailed as a result of short leases. I have received conflicting advice from local Lanchester conveyancing firms. Please can you shed some light as to 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 1 bedroom flat in Lanchester, conveyancing having been completed January 2012. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Lanchester with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2098

With only 74 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 plus 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 in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you 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.