Recently contacted my conveyancing solicitor in Elmswell who acted for me 18 months ago and wanted a conveyancing estimate based on an identical type of house move (a leasehold residence and a freehold property) of similar values with a loan from Norwich and Peterborough Building Society. It looks as though am now being quoted double. Should I look for an alternative property lawyer?

The quote is slightly on the expensive side. If you shop around you may be able to get the conveyancing a bit cheaper by perhaps a hundred pounds. That being said, if you were pleased with the service the firm offered you couldcome to regret choosing an a cheaper lawyer. Remember to enquire that the solicitor can also act for Norwich and Peterborough Building Society. You can utilise our search tool to locate a Elmswell conveyancing firm on the Norwich and Peterborough Building Society member panel, which can often include conveyancing solicitors in Elmswell.

Should my conveyancer be making enquiries concerning flooding as part of the conveyancing in Elmswell.

Flooding is a growing risk for conveyancers carrying out conveyancing in Elmswell. There are those who acquire a house in Elmswell, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or dispose of the property. There are steps that can be taken during the course of a house purchase to forewarn the buyer.

Solicitors are not best placed to impart advice on flood risk, but there are a various searches that may be undertaken by the buyer or by their conveyancers which can give them a better appreciation of the risks in Elmswell. The conventional set of information supplied to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard question of the seller to determine whether the property has historically flooded. If the property has been flooded in past which is not revealed by the vendor, then a buyer may issue a claim for damages as a result of such an incorrect reply. A buyer’s conveyancers may also order an enviro search. This should higlight whether there is a recorded flood risk. If so, more detailed inquiries should be carried out.

It has been four months following my purchase conveyancing in Elmswell concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

I am tempted by the attractive purchase price for a couple of apartments in Elmswell both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Elmswell is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, 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 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 Elmswell 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 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.

Elmswell Conveyancing for Leasehold Flats - Sample of Queries before Purchasing

You should want to discover as much as possible concerning the managing agents as they will either make your life much simpler or a lot more difficult. As the owner of a leasehold property you will be at the mercy of the managing agents both financially and when it comes to every day issues such as the cleanliness of the communal areas. Ask other people whether they are happy with them. Finally, investigate as to the dates that the service charges are due to the appropriate party and precisely how they are spending the funds. The majority of Elmswell leasehold properties will incur a service bill for the upkeep of the building levied on behalf of the landlord. Where you acquire the property you will have to pay this liability, usually in instalments throughout the year. This may differ from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent to be met annual, normally this is not a significant amount, say about £25-£75 but you need to enquire it because on occasion it could be prohibitively expensive. Is the freehold reversion owned jointly by the tenants?

I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?

Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the mortgage company solicitor panel.