At what point will exchange of contracts take place for purchase conveyancing in Thornton and do I need to attend the solicitors office?

Where you are in close proximity to our conveyancing solicitors in Thornton you are invited in to sign the paperwork. However, the law practices we work with supply a nationwide conveyancing service and provide just as diligent and professional a job for you when communicating with you electronically. The signing of the contract is not the point of no return. Signing on the dotted line simply enables the solicitor to address the formalities at the appropriate time, which is ordinarily shortly after signing. The exchange process is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is involved, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Thornton)to be in the office available at the end of the phone to exchange contracts.

How does conveyancing in Thornton differ for newly converted properties?

Most buyers of new build or newly converted property in Thornton contact us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Thornton typically buy 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 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 Thornton or who has acted in the same development.

Due to the advice of my in-laws I had a survey completed on a house in Thornton prior to appointing conveyancers. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some banks tend not issue a loan on a flying freehold premises.

It varies from the lender to lender. Santander has different instructions from Birmingham Midshires. If you contact us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Thornton. Conveyancing will be smoother if you use a solicitor in Thornton especially if they are familiar with such properties in Thornton.

My cousin has urged me to appoint his conveyancers in Thornton. Should I use them?

Much as we are happy to recommend a Thornton conveyancing lawyer the best way to select a conveyancing solicitor is to seek recommendations from friends or family who have previously instructed the solicitor that you are contemplating using.

I am looking at a two apartments in Thornton which have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Thornton is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. For most buyers and mortgage companies, leases with under eighty years become less and less marketable. 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 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 premises 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 Thornton 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.

I purchased a studio flat in Thornton, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Thornton with a long lease are worth £191,000. The ground rent is £55 charged once a year. The lease runs out on 21st October 2078

With 54 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 plus professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.