Me and my wife are acquiring our first house. The solicitor has contact usto ask if we would like to take out extra conveyancing searches. We are really unsure what's recommended for conveyancing in North Ockendon

The range of North Ockendon conveyancing searches depends entirely on the premises, the location, the probability of any of these risks, your knowledge of the region and risks, your overall appetite to risk. What is important is that you adequately appreciate what information each search could give you. You may then decide if you personally think you need that search. Where you are in doubt, ask the conveyancer to recommend.

Why do I have to pay up front for conveyancing in North Ockendon?

Where you are retaining lawyers for conveyancing in North Ockendon your lawyer will ask you to provide them with monies to cover the search fees. Normally this is needed to cover the fees of the conveyancing searches. When the down payment is as part of the sale price then this will be asked for immediately before contracts are exchanged. The final balance that is due should be transferred shortly before completion.

How does conveyancing in North Ockendon differ for newly converted properties?

Most buyers of new build premises in North Ockendon contact us having been asked by the developer to exchange contracts and commit to the purchase even before the residence is constructed. This is because developers in North Ockendon usually 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 accustomed to new build conveyancing in North Ockendon or who has acted in the same development.

I am tempted by the attractive purchase price for a couple of apartments in North Ockendon both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the value of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is generally wise to increase the term of the lease. More often than not it is difficult to sell a property with a short lease as mortgage lenders less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field.

My wife and I have hit a brick wall in trying to purchase the freehold in North Ockendon. Can the Leasehold Valuation Tribunal adjudicate on premiums?

if there is a absentee landlord or where there is disagreement about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to make a decision on the sum to be paid.

An example of a Lease Extension case for a North Ockendon flat is 37 Lodge Court High Street in November 2013. the decision of the LVT was that the premium to be paid for the new lease was £25,559 This case related to 1 flat. The remaining number of years on the lease was 57.5 years.

Can you please explain what my options are where my North Ockendon conveyancing searches reveals negative entries?

On the whole, almost all problems that arise in North Ockendon conveyancing search responses can be dealt with in advance of completion or indemnity insurance may be put in place. You need to remember that although you are buying the property and might be content to accept the search results, your lender may not, and when all said and done the decision rests with them.