We are downsizing from our property in Bury St Edmunds and the buyers lawyers are claiming that there is a possibility that the property was constructed on contaminated land. Any high street Bury St Edmunds lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a nationwide conveyancing practice rather than a conveyancing solicitor in Bury St Edmunds. We have lived in Bury St Edmunds for many years we know of no issue. Should we contact our local Authority to get confirmation need.

It sounds as though you may have a conveyancing firm already. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)

I purchased a 4 bedroom Victorian house in Bury St Edmunds. Conveyancing solicitor represented me and Alliance & Leicester . I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?

You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bury St Edmunds and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing practitioner who completed the work.

Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Bury St Edmunds I like with a park and station nearby, however it's only got 61 years on the lease. I can't really find anything else in Bury St Edmunds suitable, so just wondered if I would be making a grave error acquiring a short lease?

If you require a mortgage the remaining unexpired lease term will be problematic. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for a minimum of 2 years you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.

I am using a search engine for the words conveyancing in Bury St Edmunds it reveals many property lawyerslocally. With so much choice what is the best way to find the right solicitor for purchase transaction?

The preferential method of seeking the right conveyancer is through a personal recommendation, so enquire of friends and family who have bought a property in Bury St Edmunds or the respected estate agent or mortgage broker. Fees for conveyancing in Bury St Edmunds vary, so it's a good idea to obtain a minimum of three quotes from varying types of companies. Be sure to obtain confirmation that the charges are assured not to to be inflated.

I am attracted to a two flats in Bury St Edmunds which have about 50 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 flat in Bury St Edmunds is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of buyers and banks, 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 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 Bury St Edmunds 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 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 acquired a 1 bedroom flat in Bury St Edmunds, conveyancing formalities finalised April 2005. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Bury St Edmunds with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced annually. The lease runs out on 21st October 2084

With only 60 years remaining on your lease we estimate the premium for your lease extension to span between £20,000 and £23,000 plus legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.