We were about to choose a conveyancing solicitor in Ivybridge listed by you but have come across alternative fee calculations via the web appear cheaper – why is this?

There are many firms of solicitors advertising supposedly £99 conveyancing, yet more often than not extracharges end up with the completion bill totally different to the one you expected. Conveyancers are obliged to make sure that costs set out in terms of business should be transparent and reasonable invoiced The conveyancers that we put forward for conveyancing in Ivybridge clearly state all charges for a domestic conveyancing transaction.

I am looking for a leasehold apartment up to £245,000 and found one near me in Ivybridge I like with open areas and station in the vicinity, the downside is that it's only got 51 years on the lease. I can't really find anything else in Ivybridge in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?

Should you require a mortgage that many years may be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.

I was recommended by a few property agents in Ivybridge to select a conveyancer using your seach tool. What’s the financial advantage for Estate Agents to promote your services ahead of alternative conveyancing organisations?

We refuse to make any financial incentive for sending work our way. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.

I am looking at a two flats in Ivybridge which have approximately 50 years left 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 Ivybridge is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most purchasers and mortgage companies, leases with less than 75 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 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 Ivybridge 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.

Leasehold Conveyancing in Ivybridge - A selection of Queries before Purchasing

Who takes responsibility for maintaining and repairing the block? This information is useful as a) areas can result in problems for the building as the communal areas may begin to deteriorate if repairs are not paid for b) if the tenants have a dispute with the managing agents you will need to know about it

I have checked your search tool I can't find the lawyer I was hoping to instruct as being on the lender conveyancing panel. My lawyer has said that they are on the mortgage company 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 lender 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 lender solicitor panel.