When will exchange of contracts occur in purchase conveyancing in Fairford and am I required to attend the lawyers branch?
Where you are in close proximity to our conveyancing solicitors in Fairford you are welcome to attend to sign the paperwork. However, the firms we work with provide countrywide coverage for conveyancing and give just as detailed and professional a job for you when communicating with you digitally. The executing of the contract is not when everything is set in stone. Signing on the dotted line is necessary for the firm to officially exchange when the time is right, which is ordinarily shortly after signing. The exchange process is is usually a five minute process, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Fairford)to be in the office available at the end of the phone to exchange contracts.
I am about to put an offer on a leasehold flat in Fairford. The estate agents tell me that it is the norm for flats in Fairford to have less than 75 years unexpired on the lease. I am getting a loan with Virgin. Is this going to be acceptable if the lease has 72 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/3/2025 the requirements read as follows :
I understand that there are debates on Chancel Insurance on online forums. Am I compelled to take this when purchasing a house in Fairford? or I am told that there is historic law that could mean that homeowners residing in a parish church boundary will be compelled to contribute towards repairs to the chancel in proximity to the church. Is this appropriate for conveyancing in Fairford?
Unless a previous purchase of the property took place post 12 October 2013 you may take it that conveyancing practitioners handling conveyancing in Fairford to remain encouraging a chancel search and or insurance against a claim.
How does conveyancing in Fairford differ for new build properties?
Most buyers of new build premises in Fairford come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Fairford tend to acquire 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 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 accustomed to new build conveyancing in Fairford or who has acted in the same development.
Due to the guidance of my in-laws I had a survey completed on a house in Fairford in advance of instructing solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor advised that some mortgage companies will refuse to give a loan on a flying freehold property.
It depends who your proposed lender is. Lloyds has different instructions for example to Nationwide. Should you wish to call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Fairford. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a two flats in Fairford both have about 50 years unexpired on the lease term. should I be concerned?
There is no doubt about it. A leasehold apartment in Fairford is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with under 75 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 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 Fairford 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. 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 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 invested in buying a ground floor flat in Fairford, conveyancing formalities finalised in 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Fairford with a long lease are worth £181,000. The ground rent is £55 yearly. The lease ends on 21st October 2075
You have 50 years unexpired we estimate the price of your lease extension to range between £31,400 and £36,200 as well as 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 due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other issues 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.