This question may be naive but I am unexperienced as a 1st time buyer of a ground floor flat in Oswestry. Do I pick up the keys to the premises on completion from my lawyer? If so, I will instruct a High Street conveyancing solicitor in Oswestry?

There is no need to visit the lawyers office on the day of completion. Conveyancing lawyers for you will transfer the purchase money to the owner’s solicitors, and once they have received this, you should be called to collect the keys from the selling Agents and move into your new home. Usually this happens early afternoon.

When it comes to lenders such as , do Oswestry have to pay an annual charge to be on the list of approved solicitors?

We are not aware of any bank fees to be on their panel, although some do charge an administration fee to deal with the processing of the conveyancing panel application.

I was told three weeks ago that my mortgage has been agreed to by . Is it usual for to only issue the offer once my solicitor in Oswestry is approved on their conveyancing panel? have asked my solicitor to see a copy of their Professional Indemnity Insurance Schedule.

A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for to deal with your lawyer's application to be on the conveyancing panel. There's no guarantee that your solicitor will be accepted.

Will my lawyer be making enquiries about flooding as part of the conveyancing in Oswestry.

The risk of flooding is if increasing concern for lawyers dealing with homes in Oswestry. There are those who purchase a property in Oswestry, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the property. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.

Lawyers are not best placed to impart advice on flood risk, however there are a number of searches that can be initiated by the buyer or on a buyer’s behalf which will give them a better appreciation of the risks in Oswestry. The standard information sent to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to find out if the property has ever been flooded. If the residence has been flooded in past which is not disclosed by the seller, then a buyer could issue a compensation claim as a result of such an misleading response. The buyer’s lawyers will also commission an environmental search. This will reveal if there is a recorded flood risk. If so, more detailed inquiries should be conducted.

I'm purchasing a new build house in Oswestry with a loan from . The developers refused to reduce the amount so I negotiated £7000 of additionals instead. The sale representative advised me not inform my lawyer about this extras as it may affect my mortgage with the lender. Do I keep my lawyer in the dark?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

Over the last few months I have been searching for a leasehold apartment up to £245,000 and identified one close by in Oswestry I like with a park and station nearby, the downside is that it's only got 49 years on the lease. I can't really find anything else in Oswestry in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?

Should you need a home loan the shortness of the lease will likely be problematic. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you can ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this matter.

I am attracted to a couple of maisonettes in Oswestry which have about 50 years left on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Oswestry is a deteriorating 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 lenders, leases with under eighty years become less and less marketable. On a more positive 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 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 Oswestry 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 the agreed 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 garden flat in Oswestry, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Oswestry with over 90 years remaining are worth £165,000. The ground rent is £45 levied per year. The lease expires on 21st October 50

With 50 years unexpired we estimate the premium for your lease extension to be between £36,100 and £41,800 as well as legals.

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 the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.