It is a dozen years since I acquired my property in Penrith. Conveyancing solicitors have just been appointed on the sale but I can't locate the title deeds. Will this cause complications?

You need not be too concerned. Firstly there is a chance that the deeds will be retained by your lender or they could be in the possession of the conveyancers who oversaw your purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. Most conveyancing in Penrith involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.

If you had a top tip for selecting a conveyancing solicitor in Penrith what would it be?

It would be unwise to be seduced by the lowest Penrith conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of the deal.

I am aiming to move house in January. Will my conveyancing solicitor update the removal company on the completion day. Incidentally, can you suggest a removal company in Penrith. Conveyancing firm was organised before I stumbled across your page.

On the day of completion you will need to pick up the house keys from the selling agent but this can only be done once the sellers solicitors advise the agent that the monies to complete are in and the keys can be handed over. Subsequently you will need to advise the removal company that they can start moving you in. As a matter of policy we do not suggest a particular removal organisation but can assist you in choosing a residential property solicitor in Penrith or a firm that specialises in conveyancing in Penrith.

Does a directory service exist listing Clydesdale panel solicitors in Penrith on the Building Society Association’s Website?

No. There is no such tool on the Council of Mortgage Lenders or Building Society Association sites. A small selection of mortgage companies make their panel listings available over the internet. If you are looking for a Penrith property lawyer on the Clydesdale please make the most of our facility.

I have been told that property searches are the main reason for stalling in Penrith conveyancing transactions. Is there any truth in this?

The Council of Property Search Organisations (CoPSO) published determinations of research by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Penrith.

How does conveyancing in Penrith differ for new build properties?

Most buyers of new build residence in Penrith come to us having been asked by the developer to exchange contracts and commit to the purchase even before the house is built. This is because developers in Penrith tend to 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 Penrith or who has acted in the same development.

I am tempted by the attractive purchase price for a two flats in Penrith both have in the region of forty five years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Penrith is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and mortgage companies, leases with less than eighty 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 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 Penrith 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Penrith Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying

Generally speaking the cost for major works tend not to be incorporated into the maintenance charges, although some managing agents in Penrith require leaseholders to pay into a sinking fund created for the specific intention of building a fund for larger works. Who are the managing agents? The prefered form of lease arrangement is a share of the freehold. In this situation the tenants have being in charge if their destiny and notwithstanding that a managing agent is frequently employed if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.