Please help. My Fishponds solicitor is assuring me that he is legally obliged toorder Fishponds conveyancing searches due to the fact thatthe firm are on the HSBCsolicitor panel. Is this really necessary?

You have limited options available to you. Given that you are taking out a loan with a bank your conveyancer has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancer would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the CML Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Fishponds conveyancing searches.

A relative suggested that if I am purchasing in Fishponds I should ask my conveyancer to perform a Neighbourhood, Planning and Local Amenity Search. What does it cover?

A search of this type is occasionally included in the estimate for your Fishponds conveyancing searches. It is not a small document of about 40 pages, listing and setting out significant information about Fishponds around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime details, Fishponds Education with maps and statistics, Local Amenities and other useful data regarding Fishponds.

How does conveyancing in Fishponds differ for newly converted properties?

Most buyers of new build property in Fishponds come to us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is finished. This is because builders in Fishponds tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Fishponds or who has acted in the same development.

Yesterday I discovered that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a quick, chain free conveyancing. Fishponds is the location of the property. Can you shed any light on this issue?

Flying freeholds in Fishponds are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Fishponds you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fishponds may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

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

There is no doubt about it. A leasehold apartment in Fishponds is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with under eighty 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 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 Fishponds 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.

I inherited a leasehold flat in Fishponds, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Comparable flats in Fishponds with an extended lease are worth £186,000. The ground rent is £55 charged once a year. The lease comes to an end on 21st October 2077

You have 52 years remaining on your lease we estimate the premium for your lease extension to range between £29,500 and £34,000 plus professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.