My wife and I purchasing a victorian detached house in Stokesley. Our aim is to carry out a loft conversion at the property.Will the conveyancing process involve enquiries to determine if these works are prohibited?

Your property lawyer will review the deeds as conveyancing in Stokesley can sometimes reveal restrictions in the title documents which prohibit certain changes or require the consent of another owner. Some extensions need local authority planning permissions and approval under the building regulations. Many areas are designated conservation areas and special planning restrictions apply which frequently prevent or affect extensions. You should check these things with a surveyor ahead of any purchase.

I had a mortgage agreed in principle with Virgin Money. Stokesley conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from Virgin Money?

There is no definitive answer here. Have Virgin Money conducted the valuation? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.

I am currently in the process of buying my council flat in Stokesley. I have a mortgage agreed with Nottingham. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?

It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Nottingham, you will need to appoint a solicitor on the Nottingham conveyancing panel.

2 months have gone by following my purchase conveyancing in Stokesley completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

How does conveyancing in Stokesley differ for newly converted properties?

Most buyers of new build or newly converted property in Stokesley come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because house builders in Stokesley typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stokesley or who has acted in the same development.

I was advised by numerous estate agents in Stokesley to find a property lawyer on your site. Is there a financial advantage for Estate Agents to offer your services over and above another?

We don’t offer any referral fee for pointing buyers and sellers to this site. We found it would be just too difficult to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.

I am attracted to a couple of flats in Stokesley which have in the region of 50 years remaining on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Stokesley is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most buyers and lenders, leases with less than 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 residence 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 Stokesley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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.

Leasehold Conveyancing in Stokesley - Sample of Queries Prior to buying

Is there a share of the freehold? It is important to be aware if redecorating or some other major work is anticipated that will be shared by the tenants and could well dramatically increase the the maintenance costs or require a specific payment. Does this lease have in excess of 82 years remaining?