I am in a contract race with another prospective purchaser for a property in Havant. What can I do to quicken up the buying process?

In a situation where you are under a tight deadline to exchange we would recommend that your solicitor is familiar with the area as they will make use of local relationships and intelligence. It is even conceivable that they may have transacted otherhouses in the same road. You would be best advised to use a Havant conveyancing firm. Second, check that the lawyer is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of Havant conveyancing deals are delayed or jeopardised after discovering a buyer’s solicitor was not on their mortgage lender’s panel. In many cases this discovery resulted in the home move being held up by as much as three weeks. It is claimed that this issue affects approximately 100,000 home sales every year. Almost all Havant conveyancing firms can not act for certain banks so do check at the outset.

Please explain the implications if my lawyer’s firm is removed from the Aldermore Solicitor panel ahead of completing my conveyancing in Havant?

First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Havant is the location of the property. Is there any advice you can impart?

Flying freeholds in Havant are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Havant you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Havant may decide 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.

How do I use the search tool to choose a conveyancing practitioner in Havant on the authorised to act for my bank?

Step one is to select a lender such as Lloyds TSB Bank, Bank of Scotland or Aldermore then choose your preferred area a common one being Havant. Conveyancing firms in Havant and beyond should be identified.

What makes a Havant lease defective?

Leasehold conveyancing in Havant is not unique. All leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:

A provision to repair to or maintain parts of the premises

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, The Royal Bank of Scotland, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is defective they may refuse to grant the mortgage, obliging the buyer to pull out.

I bought a studio flat in Havant, conveyancing formalities finalised 7 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Havant with a long lease are worth £202,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease ends on 21st October 2080

With only 56 years unexpired the likely cost is going to be between £29,500 and £34,000 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.