The Lightwater conveyancing solicitors that I appointed last week on my house acquisition in Lightwater have suddenly shut down. I only went with them because I needed a firm on the Lloyds conveyancing panel and my family Lightwater lawyer was not. I sent them a cheque for £250 in advance. What do I do now?

Assuming that you have an Estate Agent in the equation then let them know immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Lloyds conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.

Are there restrictive covenants that are commonly identified during conveyancing in Lightwater?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Lightwater. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

How does conveyancing in Lightwater differ for new build properties?

Most buyers of new build residence in Lightwater come to us having been asked by the developer to exchange contracts and commit to the purchase even before the premises is completed. This is because builders in Lightwater usually purchase the real estate, 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 conveyancers 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 Lightwater or who has acted in the same development.

I am looking for a ground for flat up to £195,000 and identified one near me in Lightwater I like with a park and station nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Lightwater for this price, so just wondered if I would be making a grave error buying a short lease?

If you need a home loan that many years may be problematic. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you may request that they start the process of the extension 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 speak to your conveyancing solicitor concerning this matter.

In relation to leasehold conveyancing in Lightwater what are the most frequent lease defects?

There is nothing unique about leasehold conveyancing in Lightwater. All leases are individual and drafting errors can sometimes mean that certain sections are wrong. The following missing provisions could result in a defective lease:

Insurance obligations

You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. HSBC Bank, Norwich and Peterborough Building Society, and Alliance & Leicester all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.

I acquired a leasehold flat in Lightwater, conveyancing was carried out 4 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Lightwater with an extended lease are worth £185,000. The ground rent is £65 invoiced every year. The lease runs out on 21st October 2085

With only 60 years left to run we estimate the premium for your lease extension to span between £20,000 and £23,000 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.