I am expecting a mortgage with Halifax. I hope to enlist the help of a Licensed Conveyancer in Hotwells. Does the Halifax Conveyancing panel allow for Licensed Conveyancers?

The Halifax conveyancing panel is, like many other lenders, associated to the CML or BSA, open to Licensed Conveyancers regulated by the CLC.

Is it realistic for conveyancing in Hotwells to be completed inside two weeks?

In a situation where the seller is applying a tight deadline for your conveyancing we would recommend that your solicitor is familiar with the area as they will make use of local relationships and intelligence. It is possible that they could have conducted previoushomes in the same road. Therefore consider using a Hotwells conveyancing lawyer. In addition, ensure that the conveyancing firm is on the lender panel. It is believed that 18% of Hotwells conveyancing deals are delayed or jeopardised after finding out that a buyer’s solicitor was not on their mortgage lender’s panel. This can often result in the home move being delayed by almost 21 days. It is estimated that this issue affects in the region of 100,000 home sales annually. Almost all Hotwells conveyancing practices can not represent certain banks so do check as early as possible.

I have been told that property searches are the number one cause of stalling in Hotwells conveyancing transactions. Is this right?

The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the common causes of delays in the conveyancing process. Searches are not likely to feature in any delay in conveyancing in Hotwells.

How does conveyancing in Hotwells differ for newly converted properties?

Most buyers of new build premises in Hotwells approach us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because builders in Hotwells typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Hotwells or who has acted in the same development.

I am attracted to a two maisonettes in Hotwells which have in the region of 50 years unexpired on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Hotwells is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. For most buyers 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 premises 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 Hotwells conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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 ground floor flat in Hotwells, conveyancing was carried out in 2007. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Hotwells with an extended lease are worth £179,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease ceases on 21st October 2082

With 57 years remaining on your lease the likely cost is going to range between £26,600 and £30,800 plus costs.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.