Why is leasehold purchase conveyancing in Rotherham costs more?

The conveyancing charges for a leasehold property in Rotherham is frequently higher than on a freehold transaction. This is due to the extra investigations required in communicating with the landlord and management company to collate the information about whether the rent and service fee have been discharged and whether there are any major works due in the near future on repairs or maintenance of the block.

We wanted to use a conveyancing solicitor in Rotherham for our house purchase. Our financial adviser has since advised us that our mortgage lenders Alliance & Leicester won't deal with them. Why is this not regarded as unfair competition?

A bank can insist on an approved conveyancer act for it. Borrowers are liable to meet the charges for this. Do use our tool to locate a solicitor to carry conveyancing in Rotherham on the Alliance & Leicester approved list of solicitors.

What is the difference between a licensed conveyancer and conveyancing solicitor in Rotherham

There are many recorded licenced Conveyancers in Rotherham and Solicitor practices in Rotherham who can help with your conveyancing It is important to make clear that the two are supervised by regulatory bodies with both specialising in the legal aspects of the home buying process. Both can conduct other property legal work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.

We have a mortgage agreed in principle with Co-operative. Rotherham conveyancing practitioners have been selected. What is the average time that one could expect to receive a mortgage offer from Co-operative?

There is no definitive answer here. Have Co-operative done the survey? Have you informed Co-operative as to your lawyers' details and checked that your lawyers are on the Co-operative conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.

Completion of my remortgage has taken place for my property in Rotherham. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?

All lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Team at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR with full details of your complaint.

How does conveyancing in Rotherham differ for new build properties?

Most buyers of new build or newly converted property in Rotherham approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because new home sellers in Rotherham tend to acquire the site, 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 Rotherham or who has acted in the same development.

I am attracted to a couple of flats in Rotherham both have about 50 years remaining on the lease term. Do I need to be concerned?

There is no doubt about it. A leasehold apartment in Rotherham is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and banks, leases with under 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 Rotherham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.

I acquired a 1st floor flat in Rotherham, conveyancing having been completed 10 years ago. How much will my lease extension cost? Corresponding flats in Rotherham with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2076

You have 52 years left to run the likely cost is going to be between £29,500 and £34,000 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.