When will exchange of contracts occur in purchase conveyancing in Southwell and do I need to attend the conveyancers branch?

Where you are in close proximity to one of the conveyancing solicitors in Southwell you are invited in to sign the paperwork. However, the law practices we work with supply a nationwide conveyancing service and give just as detailed and professional a job for you when communicating with you by post or email. The signing of the contract is not the critical part. Signing on the dotted line is just a prerequisite for the firm to officially exchange at the suitable time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Southwell)to be in the office at the appropriate time.

When it comes to mortgage companies such as Nationwide, do Southwell conveyancing practitioners face a fee to be on the list of approved solicitors?

We are unaware of any mortgage company fees to be on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.

It is not clear whether my lender requires a lease extension. I have called into my local Southwell building society branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Southwell conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their specific requirements. I have no idea who is right.

Your property lawyer has to follow the Council of Mortgage Lenders’ Handbook section two specifications for your bank. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.

Our offer on a semi in Southwell has been accepted, the vendors do nevertheless have a connected purchase. The sellers have offered on a flat, however it’s not been accepted yet, and have viewings of other apartments in the pipeline. I have chosen a local conveyancing solicitor in Southwell. What should be my next step? At what stage do I apply for the mortgage with Aldermore?

It is normal to have anxieties where there is a chain as you are unlikely to want to incur costs too early (home loan application is approx £1k, then survey, Southwell conveyancing search charges, etc). First, you must check that your solicitor is on the Aldermore conveyancing panel. Concerning the next steps this very much dictated by the uniqueness of your transaction, desire for this property and on the state of the market. During a buoyant market the majority of buyers would apply for the mortgage with Aldermore and pay for the valuation and only if it was satisfactory would they request their property lawyer to move forward with searches.

About to purchase a new build apartment in Southwell. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Here are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Southwell

There must be mutual enforceability of lessee’s covenants. The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?

What does commercial conveyancing in Southwell cover?

Southwell conveyancing for business premises incorporates a wide range of guidance, supplied by qualified solicitors, relating to business premises. By way of example, this area of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the transfer of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.

I am tempted by the attractive purchase price for a two maisonettes in Southwell which have approximately forty five years left on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Southwell is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with under 75 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 property 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 Southwell 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 bought a garden flat in Southwell, conveyancing having been completed in 2006. How much will my lease extension cost? Comparable properties in Southwell with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2100

You have 75 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.