We are purchasing a house in Bestwood. I might seem paranoid but how we can trust a lawyer? On the day of competition we will need to deposit our life savings into their account. What is the protection we have from them run away with our money?

Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.

My aunt advised me that in buying a property in Bestwood there may be a number of restrictions preventing external changes to the property. Is this right?

We are aware of a number of properties in Bestwood which have some sort of restriction or requirement of consent to external alterations. Part of the conveyancing in Bestwood should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

Bank of Ireland have agreed my mortgage in principle, my bid on a apartment in Bestwood has been agreed to, what happens next?

The property agent will wish to be informed of your solicitor's details (ensure that the lawyers are on the bank’s approved list). Contact Bank of Ireland or your broker and finish off any relevant paperwork. Bank of Ireland will sellect a valuer who will get in touch with the selling agent or owners to arrange a time for the valuation to take place. Once conducted (assuming no problems) it takes about a week for the mortgage offer to be issued. Bank of Ireland will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Bestwood.

My friend recommended that if I am buying in Bestwood I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

A search of this type is occasionally quoted for as part of the standard Bestwood conveyancing searches. It is a large report of more than thirty pages, listing and detailing significant information about Bestwood around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Bestwood Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Bestwood Education with maps and statistics, Local Amenities and other useful information concerning Bestwood.

Are there restrictive covenants that are commonly identified as part of conveyancing in Bestwood?

Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Bestwood. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

Am I better off to choose a Bestwood conveyancing practitioner who is local to the property I am hoping to buy? I have an old university friend who can carry out the legal formalities however they are based 200kilometers drive away.

The primary upside of using a high street Bestwood conveyancing practice is that you can attend the office to sign paperwork, deliver your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and the majority were impressed that must surpass using an unfamiliar Bestwood conveyancing solicitor just because they are Bestwood based.

I am tempted by the attractive purchase price for a two apartments in Bestwood both have approximately forty five years left on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Bestwood is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. The majority of purchasers and lenders, leases with less than eighty years become less and less attractive. 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 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 Bestwood 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 am the registered owner of a leasehold flat in Bestwood, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Bestwood with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2095

With just 71 years left to run the likely cost is going to span 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 extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.