My fiance’s dad is a property lawyer. I suspect that I'll be able to get mate’s rates for conveyancing, but if not, what level of costs would I typically be looking at for conveyancing in Formby?

It’s wise to request 3 or more like-for-like conveyancing estimates. Do use our search tool on this site. Whilst charges may contrast greatly but the service one can expect are distinct between property lawyers as is the case with most professions.

My wife and I are about to complete on the purchase of a property in Formby but as a consequence of damage from a small fire at the property I have managed to agree recompense from the current proprietors in the sum of £3k in the form of a reduction in the price. I had intended this to be dealt with as part of a side agreement however Lloyds are not allowing this. Why were they notified?

The lawyer being on a Lloyds conveyancing panel is duty bound to inform Lloyds of any amendments to the sale price. If you prohibit your conveyancer to disclose the reduction to Lloyds then they would have to discontinue acting for you. In addition, Lloyds and you would have to appoint a new lawyer for your conveyancing in Formby.

I am looking for a ground for flat up to £195,000 and identified one near me in Formby I like with open areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Formby for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?

Should you need a mortgage that many years may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.

My partner has recommend that I appoint his conveyancing solicitors in Formby. Do I take his advice?

No doubt the best way to choose a conveyancing solicitor is to seek recommendations from friends or relatives who have actually previously instructed the solicitor you're are thinking of instructing.

I am attracted to a two flats in Formby which have in the region of fifty years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold apartment in Formby is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and mortgage companies, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Formby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I invested in buying a 2 bed flat in Formby, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Formby with over 90 years remaining are worth £260,000. The ground rent is £45 per annum. The lease terminates on 21st October 2100

With just 74 years left to run we estimate the price of your lease extension to be between £8,600 and £9,800 as well as costs.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.