Should lawyers ask for an advanced payment when it comes to conveyancing in Bourton on the Water?

If you are buying a property in Bourton on the Water your lawyer will request that you place them with funds to cover the the cost of the conveyancing searches. Ordinarily this is asked for to cover the fees of the Local Authority Search. When the deposit is payable against the total price then this will be asked for immediately prior to exchange of contracts. The final balance that is needed should be transferred a few days prior to the day of completion.

I used Arc property Solicitors several years past for my conveyancing in Bourton on the Water. I now require my papers however the law firm has closed. What do I do?

You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Bourton on the Water of the conveyancing firm of solicitors you previously instructed, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.

I am buying my first flat in Bourton on the Water with a loan from Birmingham Midshires. The developers refused to reduce the amount so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not disclose to my solicitor about this side-deal as it would affect my mortgage with Birmingham Midshires. Is this normal?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

Over the last few months I have been searching for a ground for flat up to £245,000 and found one close by in Bourton on the Water I like with a park and railway links nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Bourton on the Water suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?

Should you require a home loan the shortness of the lease will be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.

I am tempted by the attractive purchase price for a couple of flats in Bourton on the Water both have in the region of fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a legal document that entitles you to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorates and results in it becoming more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a difficult process. We recommend you seek professional assistance from a conveyancer and surveyor with experience in this field.

I bought a split level flat in Bourton on the Water, conveyancing was carried out in 2002. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Bourton on the Water with over 90 years remaining are worth £260,000. The ground rent is £45 charged once a year. The lease ends on 21st October 2100

You have 75 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. 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 clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.