We wanted to use a property lawyer in Llanallgo for our house purchase. Our broker has since notified us that our mortgage company Halifax won't deal with them. Why is this not regarded as unfair competition?

A mortgage company can insist on an approved solicitor act for it. Borrowers are liable to meet the charges for this. Please make use of our directory service to find a solicitor to conduct conveyancing in Llanallgo on the Halifax approved list of solicitors.

How does conveyancing in Llanallgo differ for newly converted properties?

Most buyers of new build or newly converted property in Llanallgo come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Llanallgo typically buy 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 conveyancers 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 accustomed to new build conveyancing in Llanallgo or who has acted in the same development.

I have been on the look out for a flat up to £235,500 and identified one round the corner in Llanallgo I like with amenity areas and transport links nearby, however it's only got 51 years unexpired on the lease. I can't really find anything else in Llanallgo for this price, so just wondered if I would be making a mistake purchasing a short lease?

If you require a mortgage the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you may request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.

My husband and I are new to the buying process - had an offer accepted, but the agent advised that the owners will only go ahead if we appoint the agent's chosen lawyers as they want an ‘expedited deal’. My instinct tells me that we should use a high street conveyancer accustomed to conveyancing in Llanallgo

It is highly unlikely the owners are driving this. Should the vendor require ‘a quick sale', taking such a hostile approach to a serious purchaser is going to damage their objectives. Avoid the agents and go straight to the sellers and make sure they understand (a)you are serious purchasers (b)you are ready to go, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you will continue to use your own,trusted Llanallgo conveyancing firm - not the ones that will earn their estate agent a commission or hit his conveyancing thresholds demanded by senior management.

I am looking at a couple of flats in Llanallgo both have about 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Llanallgo is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. The majority of purchasers and lenders, leases with less than 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 property 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 Llanallgo 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.

Llanallgo Leasehold Conveyancing - Examples of Questions you should consider Prior to buying

The prefered form of lease arrangement is a share of the freehold. In this scenario the tenants benefit from being in charge if their destiny and even though a managing agent is often employed where the building is larger than a house conversion, the managing agent is directed by the tenants. What is the name of the managing agents? Where a Llanallgo lease has fewer than eighty years it will affect the value of the property. It is worth checking with your bank that they are willing to lend given the lease term. Leases with less than 80 years remaining means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this would cost. For most Llanallgolease extensions you would be required to have been the owner of the residence for a couple of years before you are legally able to exercise a lease extension.