We are selling our apartment in Brading. Will the lawyer have to be on the Lloyds conveyancing panel in order to deal with repayment of my mortgage?

Ordinarily, even if your lawyer is not on the Lloyds conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently currently.

My friend suggested that if I am buying in Brading I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?

This is a search is sometimes quoted for as part of the standard Brading conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Brading around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Brading Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Brading.

The deeds to our home can not be found. The solicitors who conducted the conveyancing in Brading 5 years ago no longer exist. What are my next steps?

Assuming you have a registered title the details of your proprietorship will be held by HMLR under a Title Number. It is easy to perform a search at the Land Registry, find your property and get up to date copies of the property title for less than a fiver. Where the property is Leasehold then the Land Registry will also normally hold a certified duplicate of the Registered Lease and again, a copy can be obtained for £20 inclusive of VAT.

I am looking at a two apartments in Brading both have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold apartment in Brading is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under 75 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 property 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 Brading 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.

I bought a ground floor flat in Brading, conveyancing having been completed 3 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Brading with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2088

With only 64 years unexpired we estimate the price of your lease extension to be between £14,300 and £16,400 plus legals.

The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information without first getting professional advice.

What type of premises does your Brading conveyancing estimates relate to?

The quotes issued are only appropriate to standard domestic premises in England & Wales. Where you have any different requirements for instance industrial or agricultural land or commercial conveyancing in Brading please telephone us to consider your requirements .