Do all mortgage companies provide you with an approved list of Stotfold conveyancing solicitors? How do you know who is on the Coventry BS conveyancing panel?

Stotfold conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.

What will a local search reveal regarding the house my wife and I buying in Stotfold?

Stotfold conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company for instance PSG The local search is essential in every Stotfold conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search should supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.

I have been on the look out for a leasehold apartment up to £305k and found one near me in Stotfold I like with a park and station in the vicinity, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Stotfold for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?

If you need a mortgage that many years will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.

My husband and I are first time buyers - agreed a price, but the agent advised that the vendor will only proceed if we use their recommended solicitors as they are insisting on an ‘expedited deal’. We would rather use a local solicitor who is familiar with conveyancing in Stotfold

It is improbable the sellers are driving this. If they desire ‘a quick sale', taking such a hostile approach to a genuine buyer is not the way to achieve this. Try to communicate with the owners directly and make the point that (a)you are keen to buy (b)you are ready to go, with finances in place © you are unencumbered (d) you intend to proceed fast (e)however you will continue to instruct your own,trusted Stotfold conveyancing lawyers - rather thanthe ones that will earn their negotiator at the agency a introducer fee or achieve conveyancing thresholds demanded by HQ.

I work for a long established estate agent office in Stotfold where we have experienced a number of flat sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Stotfold conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

I am the registered owner of a ground floor flat in Stotfold, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Stotfold with over 90 years remaining are worth £206,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2092

With only 66 years left to run we estimate the premium for your lease extension to range between £12,400 and £14,200 as well as costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.