I am nearing an exchange on a property in Norton and my parents have sent the 10% deposit to my solicitor. I am now informed that as the deposit has not come from me my lawyer needs to disclose this to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the lender regarding my parents' contribution when I applied for the home loan, so is it really necessary for this now to delay the deal?

The solicitor is obliged to clarify with lender to make sure that they are aware that the balance of the purchase price is not from your own resources. Your solicitor can only disclose this to your lender if you agree, failing which, your lawyer must cease to continue acting.

Our lender has recommended solicitors on their panel based in Norton but I would rather instruct a conveyancing lawyer in Norton local to me. Can you help?

Not all Norton conveyancing solicitors are listed all lender’s conveyancing panel. Use our find an approved solicitor tool to choose a Norton conveyancing solicitor on the on the bank panel.

Over the last few months I have been searching for a flat up to £245,000 and found one close by in Norton I like with amenity areas and transport links in the vicinity, however it's only got 52 years unexpired on the lease. There is not much else in Norton in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?

If you need a mortgage that many years will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property 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 current lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.

What does commercial conveyancing in Norton cover?

Commercial conveyancing in Norton incorporates a wide array of advice, supplied by qualified solicitors, relating to business property. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of tenancies.

I am tempted by the attractive purchase price for a couple of maisonettes in Norton which have approximately forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Norton. The lease is a legal document that entitles you to use the property for a period of time. As a lease shortens the saleability of the lease decreases and results in it becoming more expensive to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this area.

I acquired a ground floor flat in Norton, conveyancing formalities finalised in 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Norton with an extended lease are worth £165,000. The average or mid-range amount of ground rent is £50 yearly. The lease expires on 21st October 2102

With 77 years remaining on your lease the likely cost is going to be between £7,600 and £8,800 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.