Why is leasehold purchase conveyancing in Yardley is more expensive?

Yardley leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.

Do the Building Society Association intend to launch a search tool with a view to list practices on the Darlington Building Society conveyancing panel for instance in Yardley?

We would not expect to be advised of any plans on the part of the BSA to promote such a search facility.

Last month we had a mortgage agreed in principle with Leeds Building Society. Yardley conveyancing lawyers were appointed. How long does it take for Leeds Building Society to send the offer to the conveyancing practitioner?

Some lenders take longer than others. Have Leeds Building Society conducted the survey? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.

I have decided to exercise my right to buy my property in Yardley off the council. I have a mortgage agreed with Bank of Ireland. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?

It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Bank of Ireland, you will need to appoint a solicitor on the Bank of Ireland conveyancing panel.

I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Yardley building society branch on various occasions and was told it does not affect the mortgage offer and they will lend. My Yardley conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they will not lend in accordance with their published requirements. I have no idea who is right.

Your property lawyer must comply with the Council of Mortgage Lenders’ Handbook section two conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.

Will commercial conveyancing searches disclose impending roadworks that may affect a commercial estate in Yardley?

Its becoming the norm that commercial conveyancing solicitors in Yardley will conduct a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Yardley. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Yardley.

For each commercial conveyancing transaction in Yardley it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Yardley commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Yardley.

I am looking at a couple of maisonettes in Yardley which have in the region of forty five years left on the lease term. should I be concerned?

A lease is a legal document that entitles you to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.

I purchased a 1st floor flat in Yardley, conveyancing formalities finalised 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Yardley with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease expires on 21st October 2078

With 54 years remaining on your lease we estimate the price of your lease extension to span between £31,400 and £36,200 plus professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.