We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would prefer to appoint a specialised conveyancing solicitor in Thetford?

You should check but the the probability is that appoint one of their panel solicitors if you accept the "fee-free" deal. Call the bank to ask if they make available a cash alternative. In the past a few lenders offered a £250 cashback as a further option in which case that money can go towards the cost for your conveyancing solicitor near Thetford.

I have been told that property searches are a common cause of stalling in Thetford house deals. Is that correct?

The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Searches are unlikely to feature in any slowing down conveyancing in Thetford.

four months have elapsed since my purchase conveyancing in Thetford concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

Should I appoint a Thetford conveyancing lawyer who is local to the property I am hoping to buy? I have an old university friend who can perform the legal work but his firm is located approximately 350kilometers drive away.

The benefit of a high street Thetford conveyancing practice is that you can visit the firm to execute paperwork, deliver your ID and apply pressure on them if necessary. Having local Thetford know how is a benefit. That being said it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and the majority were impressed that must surpass using an unknown Thetford conveyancing lawyer solely due to them being local.

I am attracted to a two apartments in Thetford both have in the region of fifty years left on the lease term. should I be concerned?

There are no two ways about it. A leasehold flat in Thetford is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most buyers and mortgage companies, leases with under 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 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 Thetford 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. 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 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 purchased a leasehold flat in Thetford, conveyancing having been completed March 1995. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Thetford with a long lease are worth £197,000. The ground rent is £55 per annum. The lease finishes on 21st October 2079

With 55 years left to run the likely cost is going to be between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.