Is there a reason why leasehold purchase conveyancing in Yateley costs more?

In summary, leasehold conveyancing in Yateley and elsewhere usually involve more due diligence compared to freehold conveyancing. This includes lease investigation, liaising with the landlord about serving required notices, procuring current service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.

Do the Building Society Association intend to launch a searchable register to list solicitors on the Loughborough BS conveyancing panel for instance in Yateley?

We would not expect to be advised of any intention on the part of the BSA to promote such a tool.

Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Yateley?

Two types of professional can perform conveyancing in Yateley namely CLC regulated conveyancers or solicitors. The two can handle conveyancing services that you need to complete the disposal or acquisition of property. They are both required to handle Yateley conveyancing on similar standards and guidelines so you may be sure that your conveyancing will be professionally carried out and that all requisite steps should be correctly adhered to.

We have a mortgage agreed in principle with Bank of Ireland. Yateley conveyancing solicitors have been instructed. What is the average time that one could expect to receive a mortgage offer from Bank of Ireland?

Some lenders take longer than others. Have Bank of Ireland conducted the survey? Have you informed Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.

I have today made my last payment due on my mortgage with Principality. I assume I don't need a Yateley solicitor on the Principality panel to remove the mortgage at the Land Registry. Please confirm.

If you have finished paying off your Principality mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Principality mortgage from the register. Principality, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:

1. but are not moving to another property
2. where Principality has sent the Land Registry the discharge electronically, and
3. Principality has instructed the Land Registry to do so

How does conveyancing in Yateley differ for new build properties?

Most buyers of new build or newly converted property in Yateley come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is finished. This is because developers in Yateley tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Yateley or who has acted in the same development.

I am employed by a busy estate agency in Yateley where we have experienced a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Yateley conveyancing firms. Please can you confirm whether the seller of a flat can instigate the lease extension process for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

I bought a 1st floor flat in Yateley, conveyancing formalities finalised in 2006. Can you work out an approximate cost of a lease extension? Equivalent properties in Yateley with a long lease are worth £191,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2078

With only 53 years remaining on your lease the likely cost is going to span between £27,600 and £31,800 plus costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.