At what point does exchange of contracts occur in purchase conveyancing in Turnpike Lane and do I need to be at the conveyancers branch?

If you are round the corner to our conveyancing solicitors in Turnpike Lane you are welcome to come in to sign contracts. That being said, the law practices we recommend provide countrywide coverage for conveyancing and give as equally detailed and professional a job for you when communicating with you digitally. The signing of the contract is not the critical part. Signing on the dotted line is necessary for the firm to officially exchange when the time is right, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Turnpike Lane)to be in the office available at the end of the phone to exchange contracts.

Our mortgage company has recommended solicitors on their panel based in Turnpike Lane but I would rather instruct a conveyancing lawyer in Turnpike Lane round the corner to me. Can you assist?

The minority of Turnpike Lane conveyancing firms are listed all lender’s conveyancing panel. Use our search tool to choose a Turnpike Lane conveyancing conveyancer on the on the mortgage company panel.

I opted to have a survey done on a property in Turnpike Lane before retaining lawyers. I have been told that there is a flying freehold element to the house. Our surveyor advised that some mortgage companies tend refuse to grant a mortgage on a flying freehold property.

It depends who your proposed lender is. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Turnpike Lane. Conveyancing may be slightly more expensive based on your lender's requirements.

Do I need to be wary about estate agents that I am dealing with are suggesting a web based conveyancing firm rather than a local Turnpike Lane conveyancing firm?

As with lots of service providers, often referrals from relatives can be most helpful. Yet there are lots of players in a conveyancing deal; estate agents, financial adviser and mortgage companies may recommend lawyers to instruct. Sometimes these conveyancers might be known to one of the organisations as one of the best in their field, but sometimes there is an underlying commercial relationship behind the endorsement. You have the right to choose your preferred lawyer. You need to be aware that most banks have an approved list of solicitors you must use for the mortgage aspect of your transaction.

I am attracted to a couple of flats in Turnpike Lane which have in the region of fifty years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Turnpike Lane is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and banks, leases with under 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 Turnpike Lane 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.

Leasehold Conveyancing in Turnpike Lane - Sample of Questions you should ask before buying

How many of the leaseholders are in arrears for their maintenance charge payments? What is the name of the managing agents? Where a Turnpike Lane lease has less than eighty years it will have adverse implications on the salability of the property. It is worth checking with your bank that they are happy with residual term of the lease. A short lease means that you will probably have to extend the lease at some point and it is worth finding out what this will be. For most Turnpike Lanelease extensions you would be required to have owned the premises for 24 months before you are eligible to exercise a lease extension.