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Ready to buy a new home in Penzance? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Penzance conveyancing at risk of delay or failure.

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Recently asked questions about conveyancing in Penzance

The owners of the house we are hoping to buy are using a conveyancing practitioner in Penzance who has suggested a exclusivity agreement with a payment 10k. Are such agreements sensible?

Lock out contracts are contracts binding a home vendor and purchaser giving the buyer a ‘clear field’ to the sale of the premises for a set period of time. Essentially, an exclusivity is a document specifying that you should be issued with a contract at a later date which is the main conveyancing contract. It tends to be utilised for buyer confidence though in some cases, the owner may stand to benefit from such agreements as well. There are many pros and cons to using an agreement but you should to check with your solicitor but beware that it may result in costing you extra in conveyancing fees. In light of this these contracts are not popular in relation to conveyancing in Penzance.

I am purchasing my first flat in Penzance benefiting from help to buy. The builders refused to move on the amount so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not disclose to my solicitor about this side-deal as it will impact my loan with the bank. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder 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.

In what way can the Landlord & Tenant Act 1954 affect my business property in Penzance and how can your lawyers assist?

The 1954 Act gives a safeguard to business tenants, granting the dueness to apply to court for a new lease and remain in occupation when the lease comes to an end. There are limited grounds where a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Penzance is one of the many areas of the UK in which the firms we work with have offices

We're new to the buying process - had an offer accepted, but the selling agent informed us that the seller will only issue a contract if we use the agent's chosen conveyancers as they need a ‘quick sale’. Our preferred option is to instruct a local conveyancer with experience of conveyancing in Penzance

We suspect that the seller is not behind this demand. If they want ‘a quick sale', taking such a hostile approach to a genuine purchaser is going to damage their objectives. Speak to the owners direct and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you are chain free (d) you wish to move quickly (e)however you will continue to appoint your own,trusted Penzance conveyancing firm - as opposed tothose that will provide their estate agent a kickback or achieve conveyancing thresholds pre-set by senior management.

I am in need of some leasehold conveyancing in Penzance. Before diving in I require certainty as to the remaining lease term.

If the lease is registered - and almost all are in Penzance - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I am the registered owner of a studio flat in Penzance, conveyancing having been completed 6 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? Similar flats in Penzance with a long lease are worth £176,000. The ground rent is £50 charged once a year. The lease runs out on 21st October 2104

You have 80 years unexpired we estimate the premium for your lease extension to span between £8,600 and £9,800 plus costs.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns 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 placing reliance on this information without first seeking the advice of a professional.

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