I am buying a right to buy a flat in Ulverston. How practical is it for me to do the conveyancing?

Leaving aside the complexities and merits of DIY conveyancing in Ulverston you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ulverston.

Is there a list of Bank of Ireland panel conveyancers in Ulverston on the UK Finance Lenders’ Handbook Website?

Unfortunately not yet. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings open the public over the internet. If you are looking for a Ulverston conveyancer on the Bank of Ireland please use our tool.

We are getting the release of further funds on our mortgage from Virgin Money as we wish to conduct a loft conversion to our house in Ulverston. Are we obliged to appoint a high street Ulverston solicitor on the Virgin Money conveyancing panel to deal with the legals?

Virgin Money do not ordinarily require a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money conveyancing panel.

Having digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Ulverston solicitor - who is on the Kent Reliance conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?

Kent Reliance will need an independent valuation of the property. Your lawyer will not arrange this. Usually Kent Reliance will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Ulverston surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.

What can a local search reveal about the house I am purchasing in Ulverston?

Ulverston conveyancing often commences with the applying for local authority searches directly from your local Authority or through a personal search company for example Searches UK The local search plays an important role in many a Ulverston conveyancing purchase; as long as 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 relevant 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 subject headings.

About to purchase a new build apartment in Ulverston. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.

Set out below are examples of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Ulverston

Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please supply a car parking plan. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Forfeiture - bankruptcy or liquidation must not apply under this provision. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided.

I am looking at a couple of flats in Ulverston which have approximately fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Ulverston is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and lenders, leases with under eighty years become less and less marketable. 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 a property 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 Ulverston 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 purchased a studio flat in Ulverston, conveyancing formalities finalised in 2001. Can you work out an approximate cost of a lease extension? Equivalent flats in Ulverston with a long lease are worth £202,000. The ground rent is £55 invoiced annually. The lease ceases on 21st October 2079

You have 56 years left to run the likely cost is going to span between £29,500 and £34,000 plus legals.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.