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

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Recently asked questions about conveyancing in Storrington

What does my ID and proof of funds have anything to do with my conveyancing in Storrington? Is this really warranted?

It is indeed that case that these requests have nothing to do with conveyancing in Storrington. However these days you can not complete any conveyancing process if you have not supplying proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as proof of identification it needs to be both the paper part as well as the photo card part, one is not sufficient in the absence of the other.

Verification of the source of money is mandated under Money Laundering Regulations. You should not be offended when when this is requested of you as your lawyer will need to retain this information on record. Your Storrington conveyancing lawyer will need to see evidence of proof of funds prior to accepting any money from you into their client account and they should also ask additional queries regarding the source of monies.

Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Storrington is where the house is located. Is there any guidance you can give?

Flying freeholds in Storrington are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Storrington you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Storrington may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

My company is planning to take over a lease of an office on the high street. Can you recommend lawyers offering fixed charges for commercial conveyancing in Storrington for below 1500k?

We can recommend firms who host a wealth of experience of commercial conveyancing in Storrington, including the disposal and acquisition of businesses as well as simply premises. If you are intending to acquire or sell a shop, pub, restaurant, office, retail unit or a complete business we will put you in touch with the right solicitor. As for the charges this will depend on the structure and terms of the deal. Please provide us with your details or phone us so that we may provide you with a fixed commercial conveyancing quote.

Is it best to choose a Storrington conveyancing lawyer who is local to the property I am buying? I have an old university friend who can deal with the conveyancing but they are based 200kilometers away.

The benefit of a high street Storrington conveyancing practice is that you can attend the office to execute paperwork, deliver your identification documents and apply pressure on them where appropriate. They will also have local knowledge which is a bonus. However it's more important to get someone that will do a good and efficient job. If you know people who instructed your friend and they were happy that should outweigh using an unknown Storrington conveyancing lawyer just because they are Storrington based.

I am attracted to a couple of maisonettes in Storrington which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Storrington is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of purchasers and banks, leases with less than eighty years become less and less attractive. On a more upbeat 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 premises 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 Storrington 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. 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 own a 1 bedroom flat in Storrington, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Storrington with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease expires on 21st October 2077

With only 58 years remaining on your lease the likely cost is going to span between £23,800 and £27,400 as well as legals.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.

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Find out more about how flying freehold can affect your the value of a property.