I am purchasing a property mortgage free in Stretton. I have lived for the last Seventeen years in Stretton. Conveyancing searches are expensive. Given that I know the road and vicinity very well must I have all the conveyancing searches?

If you not getting a mortgage, then all but one or two of the Stretton conveyancing searches are non-obligatory. Your conveyancer will ’encourage you, perhaps strongly, that you should have searches carried out, but he is duty bound to take that path of guidance. Do consider; if you are going to sell the house one day, it will be of interest to your future buyer what the searches contain. There are plenty of instances where premises with apparent issues can still reveal unpredicted search results. A good conveyancing solicitor in Stretton will be able to give you some sensible guidance here.

Is it necessary to pay for insurance to protect me from financial exposure to chancel repairs when purchasing a residence in Stretton?

Unless a prior purchase of the premises took place post 12 October 2013 you may take it that conveyancing practitioners handling conveyancing in Stretton to remain encouraging a chancel search and or chancel repair liability insurance.

I am buying a new build apartment in Stretton. Conveyancing is a frightening process 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 conveyancing.

Here is a sample of a selection of leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Stretton

Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.

Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Stretton I like with amenity areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Stretton suitable, so just wondered if I would be making a mistake buying a lease with such few years left?

If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.

I am looking at a couple of flats in Stretton which have approximately fifty years left 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 Stretton is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and mortgage companies, leases with under eighty 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 premises 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 Stretton 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 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.

I bought a studio flat in Stretton, conveyancing having been completed 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Stretton with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease terminates on 21st October 2083

With 58 years left to run the likely cost is going to be between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.

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 without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.