Is the fact that my solicitor in Heacham is not listed on my bank's conveyancing panel that there is a problem with the quality of the firm’s conveyancing?

It would not be wise to jump to that conclusion. There are plenty of plausible explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should contact the Heacham conveyancing firm and ask them why they are no longer on the approved list for your lender.

We have very brash sellers who has recommended a lock out contract with a down payment 6,000. Are such agreements sensible?

Exclusivity contracts are contracts between a property owner and prospective buyer giving the buyer exclusive rights to purchase the property within a prescribed time frame. Essentially, an exclusivity agreement is a contract specifying that you should be issued with a contract at a later date which is the main conveyancing contract. It is generally used for buyer protection though in some cases, the owner may stand to benefit from such agreements as well. There are many pros and cons to using an agreement but you should to check with your lawyer but beware that it may result in costing you more in conveyancing fees. For these reasons these contracts are rare in relation to conveyancing in Heacham.

Should our solicitor be asking questions regarding flooding as part of the conveyancing in Heacham.

Flooding is a growing risk for conveyancers carrying out conveyancing in Heacham. There are those who purchase a property in Heacham, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory building insurance, or sell the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.

Lawyers are not best placed to impart advice on flood risk, but there are a number of searches that may be initiated by the purchaser or by their lawyers which can figure out the risks in Heacham. The standard completed inquiry forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the owner to find out whether the property has suffered from flooding. If flooding has previously occurred which is not notified by the vendor, then a buyer could issue a legal claim for losses stemming from an inaccurate answer. A purchaser’s lawyers should also order an environmental report. This should disclose whether there is a recorded flood risk. If so, additional inquiries will need to be initiated.

The estate agent has sent us the confirmation of our purchase of a new build flat in Heacham. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

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

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. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier?

I am a negotiator for a busy estate agency in Heacham where we see a number of flat sales derailed due to short leases. I have received contradictory information from local Heacham conveyancing firms. Please can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

I inherited a garden flat in Heacham, conveyancing formalities finalised in 2006. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Heacham with over 90 years remaining are worth £227,000. The average or mid-range amount of ground rent is £50 yearly. The lease terminates on 21st October 2097

You have 72 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.