I sincerely hope you can assist me. My Craven Arms lawyer is assuring me that she is duty bound toapply for Craven Arms conveyancing searches becausethe firm are on the Virgin Moneyconveyancing panel. Is this really necessary?

Unfortunately both you and your lawyer have little choice here. Given that you are taking out a loan with a mortgage company your conveyancing practitioner has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your lawyer would have previously signed the Terms and Conditions of your bank’s conveyancing panel appointment which obliges them to comply with the CML Handbook conditions . Even if you were a cash buyer you would be ill advised not to carry out Craven Arms conveyancing searches.

Is there a reason why leasehold purchase conveyancing in Craven Arms is more expensive?

In short, leasehold conveyancing in Craven Arms and elsewhere usually requires additional work compared to freehold transactions. This includes reviewing the lease, corresponding with the landlord concerning serving required notices, obtaining current service charge and management information, procuring 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 – no matter how many different proprietor have owned the lease since it was first granted.

Due to the guidance of my in-laws I had a survey completed on a house in Craven Arms in advance of appointing solicitors. I have been informed that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies will refuse to issue a loan on such a premises.

It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you call us we can investigate further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Craven Arms. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Craven Arms to see if the conveyancing costs will increase in light of this.

What makes a Craven Arms lease problematic?

Leasehold conveyancing in Craven Arms is not unique. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are not included. For example, if your lease is missing any of the following, it could be defective:

A provision to repair to or maintain parts of the building Insurance obligations

You may have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Nationwide Building Society, The Royal Bank of Scotland, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.

I bought a ground floor flat in Craven Arms, conveyancing formalities finalised 7 years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Craven Arms with over 90 years remaining are worth £190,000. The ground rent is £45 invoiced annually. The lease ceases on 21st October 2087

You have 62 years left to run we estimate the price of your lease extension to span between £17,100 and £19,800 as well as costs.

The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.

My husband and I have AIP from Godiva Mortgages Ltd who said we could borrow up to £300k. When do I need to instruct a solicitor for conveyancing? Craven Arms is where we plan to move to.

You can instruct a conveyancer now and ask them to create a file on your behalf. This will enable: 1) the estate agent to send out the Sales Memo to all parties 2) the seller’s solicitor to submit the draft contract. However, do not ask your property lawyer to start searches until you have your valuation report via Godiva Mortgages Ltd and you are willing to proceed.