Should conveyancers request money on account for conveyancing in Feltwell?

If you are buying a property in Feltwell your solicitor will ask 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 purchase price then this should be required shortly prior to exchange of contracts. The closing balance that is due should be sent to your lawyer a few days ahead of the day of completion.

I am buying a new build flat in Feltwell. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.

Here are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Feltwell

Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Forfeiture - bankruptcy or liquidation must not apply under this provision. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.

Over the last few months I have been searching for a flat up to £195,000 and identified one near me in Feltwell I like with open areas and transport links in the vicinity, however it only has 51 remaining years left on the lease. I can't really find anything else in Feltwell in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?

If you need a home loan that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.

How do I use the search tool to find a conveyancing practitioner in Feltwell on the authorised to act for my mortgage?

Step one is to choose a lender such as Yorkshire Building Society, Leeds Building Society or Nottingham Building Society then choose your preferred area a common one being Feltwell. Conveyancing firms in Feltwell and further afield will then be identified.

What advice can you give us when it comes to appointing a Feltwell conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for your lease extension (regardless if they are a Feltwell conveyancing firm) it is most important that he or she should be familiar with the legislation and specialises in this area of work. We advise that you talk with several firms including non Feltwell conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be useful:

How many lease extensions have they carried out in Feltwell in the last 12 months? Can they put you in touch with clients in Feltwell who can give a testimonial?

I purchased a garden flat in Feltwell, conveyancing formalities finalised 9 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Feltwell with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease comes to an end on 21st October 2100

With only 75 years left to run we estimate the premium for your lease extension to span between £8,600 and £9,800 plus legals.

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 without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.