The owners of the property we are looking to purchase are using a conveyancing firm in Aberporth who has insisted on a preliminary agreement with a down payment 6,000. Are such agreements sensible?

There are two main downsides with entering into any lock out agreement (occasionally termed a no-shop agreement) is that it takes away the focus from moving forward with the conveyancing transaction itself, so unless it requires limited or no negotiation then it could turn out to be a cause of frustration and delay. It is not strongly advocated amongst Aberporth conveyancing lawyers as a result. A further concern is the extent of the remedies available - an aggrieved buyer is not likely to be issued with injunctive relief to bar the vendor selling to an alternative purchaser, so the only remedy open via the contract will be the reimbursement of abortive charges and, in rare circumstances, the extra payment of penalties.

Can you clarify what the consequences are if my solicitor is expelled from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Aberporth?

First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.

Will my conveyancer be raising questions regarding flooding as part of the conveyancing in Aberporth.

Flooding is a growing risk for solicitors dealing with homes in Aberporth. Some people will acquire a house in Aberporth, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, where a house is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or sell the premises. There are steps that can be taken during the course of a property purchase to forewarn the purchaser.

Conveyancers are not best placed to give advice on flood risk, but there are a numerous searches that can be initiated by the purchaser or by their solicitors which should figure out the risks in Aberporth. The standard information sent to a buyer’s lawyer (where the Conveyancing Protocol is adopted) includes a standard inquiry of the owner to find out whether the premises has suffered from flooding. In the event that the residence has been flooded in past which is not disclosed by the vendor, then a purchaser could bring a compensation claim resulting from an inaccurate answer. The buyer’s lawyers may also carry out an enviro search. This will reveal if there is any known flood risk. If so, more detailed inquiries should be initiated.

I am using a search engine for the phrase conveyancing in Aberporth it shows results of many property lawyersin the vicinity. How do I determine which is the suitable conveyancer for purchase transaction?

The best method of choosing the right conveyancer is via trusted referral, so ask friends and those you trust who have purchased a property in Aberporth or a respected estate agent or financial adviser. Costs for conveyancing in Aberporth differ, so it's sensible to secure at least three estimates from different conveyancers. Make sure that you clarify that the fees are fixed.

I am in need of some leasehold conveyancing in Aberporth. Before I get started I require certainty as to the number of years remaining on the lease.

Assuming the lease is recorded at the land registry - and almost all are in Aberporth - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I invested in buying a garden flat in Aberporth, conveyancing having been completed December 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Aberporth with a long lease are worth £181,000. The ground rent is £55 levied per year. The lease ends on 21st October 2076

With 51 years left to run we estimate the price of your lease extension to span between £30,400 and £35,200 plus professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.