I am approaching an exchange on a flat in Margam and my parents have sent the 10% deposit to my conveyancing practitioner. I am now advised that as the deposit has not arrived from me my solicitor needs to make a notification to my lender. Apparently, in also acting for the bank he must advise them that the balance of the purchase price is not just from me. I informed the lender concerning my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to delay the deal?

Your conveyancer is legally required to check with lender to ensure that they are aware that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.

We are downsizing from our house in Margam and according to the buyers it appears that there is a possibility that the property was constructed on contaminated land. A high street Margam conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed an online conveyancing practice as opposed to a conveyancing solicitor in Margam. Having lived in Margam for three years we know of no issue. Should we contact our local Authority to get confirmation that there is no issue.

It sounds as though you may have a conveyancing firm currently acting for you. What do they say? You must enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)

Me and my brother purchased a 4 bedroom Victorian house in Margam. Conveyancing lawyer represented me and Bank of Ireland. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?

You should review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Margam and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with your conveyancing lawyer who carried out the work.

How does conveyancing in Margam differ for new build properties?

Most buyers of new build or newly converted property in Margam approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Margam usually buy the real estate, 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 property lawyers 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 Margam or who has acted in the same development.

I am tempted by the attractive purchase price for a two flats in Margam both have approximately forty five years remaining on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Margam is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and lenders, leases with under 75 years become less and less attractive. 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 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 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 Margam 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 own a 1st floor flat in Margam, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Margam with a long lease are worth £176,000. The ground rent is £50 per annum. The lease expires on 21st October 2104

With just 80 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.