I am in a contract race with another buyer for a property in Torpoint. What can I do to speed up matters?

In the event that you are under pressure to complete it is highly recommended that your lawyer is familiar with the area as they will make use of local connections and knowledge. It is possible that they may have transacted previoushomes in the same road. You would be best advised to use a Torpoint conveyancing firm. Second, check that the lawyer is on the on the approved list for your mortgage company. It is said that nearly one in five of Torpoint conveyancing deals are delayed or derailed after discovering a purchaser’s lawyer was not on their mortgage lender’s panel. This can often result in the legal transfer of property being frustrated by as much as 21 days. It is estimated that this issue impacts approximately one hundred thousand home sales annually. Almost all Torpoint conveyancing practices can not represent certain lenders so do check at the outset.

Can you explain why leasehold purchase conveyancing in Torpoint is more expensive?

The conveyancing charges on a leasehold property in Torpoint is inevitably more expensive as compared to a freehold transaction. This is due to the extra work required in dealing with the freeholder and management company to obtain information about whether the rent and maintenance fee have been paid and whether there are any large sums expected to be spent in the foreseeable future on repairs or maintenance of the block.

I have a terraced Victorian property in Torpoint. Conveyancing practitioner acted for me and Aldermore. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the matching address. I thought I was buying a freehold how can I check?

You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Torpoint and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also enquire as to the situation with your conveyancing lawyer who conducted the conveyancing.

I am buying a new build house in Torpoint with a mortgage from Alliance & Leicester . The developers refused to reduce the amount so I negotiated 6k of additionals instead. The house builders rep told me not reveal to my conveyancer about the side-deal as it will put at risk my mortgage with Alliance & Leicester . Do I keep my lawyer in the dark?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Torpoint I like with open areas and railway links nearby, the downside is that it's only got 61 remaining years left on the lease. I can't really find anything else in Torpoint in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?

Should you require a mortgage that many years may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.