At what point does exchange of contracts take place for purchase conveyancing in Great Missenden and do I need to attend the solicitors branch?

If you are near to our conveyancing solicitors in Great Missenden you are welcome to attend to sign documents. However, the lender approved solicitors we work with supply countrywide coverage for conveyancing and give as equally comprehensive and professional a job for you when dealing with you digitally. The signing of the property agreement is not the point of no return. A signed contract is just a prerequisite for the firm to exchange contracts at the appropriate time, which will usually be very shortly after signing. The exchange process is is usually a five minute process, although where an extended "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Great Missenden)to be in the office at the appropriate time.

My uncle passed away last year and as sole heir and executor I was left the property in Great Missenden. The house had a small mortgage left on it of around £4500. I want to have the title changed into my name whilst I re-mortgage to TSB, pay off the mortgage. Is this allowed?

If you intend to re-mortgage then TSB will insist on your using a conveyancer on the TSB conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your TSB conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the TSB mortgage is registered as a charge at the Land Registry.

I am looking for a leasehold apartment up to £245,000 and identified one near me in Great Missenden I like with a park and railway links nearby, however it only has 61 years on the lease. I can't really find anything else in Great Missenden suitable, so just wondered if I would be making a mistake acquiring a short lease?

Should you need a home loan the remaining unexpired lease term may be problematic. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.

I am a negotiator for a busy estate agent office in Great Missenden where we have witnessed a number of flat sales put at risk as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Great Missenden conveyancing firms. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.

Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

Great Missenden Leasehold Conveyancing - A selection of Questions you should ask before buying

Plenty Great Missenden leasehold apartments will incur a service charge for the upkeep of the building invoiced on behalf of the landlord. If you acquire the property you will have to pay this amount, normally periodically accross the year. This could differ from several hundred pounds to thousands of pounds for large purpose-built blocks. There will also be a ground rent for you to pay yearly, this is usually not a exorbitant figure, say about £50-£100 but you should to check it because occasionally it could be surprisingly expensive. How many years are left on the lease? The prefered form of lease structure is a share of the freehold. In this situation the tenants enjoy control and notwithstanding that a managing agent is usually retained where it is bigger than a house conversion, the managing agent retained by the leaseholders.

I have appointed a Great Missenden conveyancing solicitor for our home move (novice purchasers) and have picked up in the terms and conditions that they are not regulated by the FCA. Am I right to be concerned or is that standard with lawyer?

We can't see why they should be. Most solicitor don't lend money. You should check that they are governed by the SRA, who set specific obligations regulating funds held by them.