Can you explain why leasehold purchase conveyancing in Raglan is more expensive?

Raglan leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

I had intended to instruct a property lawyer in Raglan for our house move. Our financial adviser informed us that our bank won't deal with them. Why is this not regarded as unduly restrictive?

Lenders tend to restrict either the type or the volume of conveyancing firms on their member panel. Typical examples of such criteria being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, some have reduced the amount of firms they use to act for them. Be aware that have no responsibility for the quality of advice provided by any member of Conveyancer Panel. Mortgage fraud was a primary driver in the rationalisation of conveyancing panels a few years ago even though there are mixed views regarding the extent of solicitor involvement in some of that fraud. Figures from the Land Registry reveal that hundreds of law firms, including some in or near Raglan only execute a couple conveyances a year.

I have been told that property searches are the main cause of hinderance in Raglan conveyancing transactions. Is there any truth in this?

The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances in the conveyancing process. Local searches are not likely to be the root cause of slowing down conveyancing in Raglan.

I am using a search engine for the term on line conveyancing in Raglan it shows results of numerous solicitorsin the area. With so much choice what is the best way to find the right conveyancer for my move?

The preferential way of choosing a suitable conveyancer is via trusted referral, so seek the opinion of colleagues and relatives who have bought a property in Raglan or the reputable estate agent or financial adviser. Fees for conveyancing in Raglan differ, so it's sensible to secure at least four estimates from varying types of solicitors. Make sure that you know that the fees are fixed.

I am hoping to put an offer on a small detached house that appears to meet my requirements, at a reasonable figure which is making it more attractive. I have subsequently discovered that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns buying a leasehold house in Raglan. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the risks of buying a leasehold house in Raglan ?

The majority of houses in Raglan are freehold and not leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. We note that you are purchasing in Raglan so you should seriously consider shopping around for a Raglan conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a service charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer will advise you fully on all the issues.

I invested in buying a basement flat in Raglan, conveyancing was carried out 1995. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Raglan with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease comes to an end on 21st October 50

With just 50 years left to run we estimate the premium for your lease extension to be between £36,100 and £41,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.