Me and my wife are purchasing an apartment in Ryde. My property lawyer has never been on on the mortgage company conveyancing panel. Is it possible for me to appoint my Ryde conveyancing solicitor even though they are not on the bank approved list?

You must use a solicitor to deal with the legal work required when you need a loan to buy your home. The property lawyer will carry out all the essential legal checks on the property, make sure that you’re registered as proprietor and ensure that all the necessary mortgage paperwork is dealt with. You could select a Ryde lawyer of your choosing. However, if the lawyer appointed is not a member of the bank solicitor panel additional costs will arise as separate legal representation will be required by them. Lender panel applications can be submitted, so provided your lawyer has not previously sought membership they should take the opportunity to apply.

The owners have rather pushy vendors who has insisted on a preliminary contract with a down payment of 5k. Are such contracts appropriate for Ryde conveyancing transactions?

This type of arrangement is not the norm in Ryde, conveyancers are not keen on them as they detract from focusing on the primary focus, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no assurance that just because the vendor has entered into a lock out contract they will complete the sale with you. They may be tempted to break the contract if they receive sufficient financial inducement to do so because an aggrieved claimant with the benefit of a lockout agreement will still have to show losses as a consequence of the breach and these may not compare to the extra amount that the owner may gain by breaching the contract, no matter how morally condemnable it undoubtedly is.

A relative suggested that where I am purchasing in Ryde I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

This is a search is sometimes included in the estimate for your Ryde conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Ryde around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Ryde Education with maps and statistics, Local Amenities and other useful information about Ryde.

I am looking for a ground for flat up to £245,000 and identified one near me in Ryde I like with a park and station nearby, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Ryde for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?

Should you need a home loan that many years will be problematic. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this matter.

I am looking at a two flats in Ryde which have about fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Ryde. The lease is a right to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease deteriorates and it becomes more expensive to acquire a lease extension. For this reason it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on such properties. Lease extension can be a difficult process. We advise that you seek professional assistance from a solicitor and surveyor with experience in this area.

I bought a ground floor flat in Ryde, conveyancing having been completed in 1999. Can you work out an approximate cost of a lease extension? Comparable flats in Ryde with a long lease are worth £180,000. The ground rent is £65 per annum. The lease terminates on 21st October 2085

With 59 years unexpired the likely cost is going to be between £20,900 and £24,200 plus legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.