My fiance’s uncle is a conveyancing practitioner. I am hopeful that I will be offered friends and family rates for conveyancing, However if that does not come materialise, what level of figure should I be expecting for conveyancing in Shaftesbury?

It’s prudent to seek two or three conveyancing quotes. Make use of our comparison tool on this page. You will notice that prices will vary but service levels do are distinct between conveyancers as is true with most professions.

My wife and I are soon to complete on the purchase of a house in Shaftesbury but as a result of wreckage from the recent storms I have was able negotiate recompense from the vendor of £2k in the form of a deduction in the price. This was going to be addressed as part of a side agreement but Clydesdale are not allowing this. Why were they involved?

The conveyancing practitioner being on the Clydesdale approved list is obliged to disclose to Clydesdale of any amendments to the purchase price. If you prohibit your lawyer to report the reduction to Clydesdale then they would have to discontinue acting for you. In addition, Clydesdale and you would have to appoint a new conveyancing practitioner for your conveyancing in Shaftesbury.

Why do I have to pay up front when it comes to conveyancing in Shaftesbury?

If you are buying a property in Shaftesbury your lawyer will request that you put them with funds to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is as part of the total price then this will be required immediately prior to contracts are exchanged. The closing balance that is due should be sent to your lawyer a few days prior to the completion date.

I opted to have a survey done on a property in Shaftesbury before appointing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor advised that some lenders tend refuse to grant a loan on this type of home.

It varies from the lender to lender. Santander has different requirements from Halifax. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Shaftesbury. Conveyancing may be slightly more expensive based on your lender's requirements.

I am attracted to a couple of maisonettes in Shaftesbury both have approximately forty five years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Shaftesbury is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and banks, leases with less than eighty years become less and less marketable. On a more upbeat 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 residence 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 Shaftesbury 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. 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 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.

Leasehold Conveyancing in Shaftesbury - Examples of Queries before buying

Please note that where the lease has no more than eighty years it will impact the salability of the apartment. It is worth checking with your bank that they are content with the length of the lease. A short lease means that you will probably have to extend the lease at some point and it is worth finding out how much this will be. Remember, in most cases you would be be obliged to have been the owner of the residence for two years before you are entitled to extend the lease. How much is the yearly maintenance fee and ground rent? The best form of lease arrangement is if the freehold reversion is in the ownership of the leaseholders. In this arrangement the lessees have being in charge if their destiny and although a managing agent is usually employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.