My husband and I are purchasing an apartment in Darnall. My property lawyer is not listed on the lender approved list. Is it possible for me to continue with my Darnall conveyancing solicitor even though they are excluded from the mortgage company panel of approved conveyancing solicitors?

Your options include

• Complete the deal with your preferred Darnall lawyer but your lender will undoubtedly use a property lawyer on their conveyancing panel. This will result in additional charges and probable delay.
• Get a fresh solicitor to act in the purchase, making sure they are on the mortgage company conveyancing panel.
• Appeal to your conveyancer to seek to join the bank panel

We see that you have a post code search directory identifying solicitors on the Co-operative conveyancing panel. Do firms pay you a referral fee if I instruct them for our own conveyancing in Darnall?

We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Darnall.

How does conveyancing in Darnall differ for newly converted properties?

Most buyers of new build or newly converted property in Darnall contact us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Darnall typically buy 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 used to new build conveyancing in Darnall or who has acted in the same development.

Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Darnall I like with open areas and transport links nearby, the downside is that it's only got 49 years on the lease. There is not much else in Darnall in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?

If you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the expected lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.

I am tempted by the attractive purchase price for a couple of flats in Darnall which have about 50 years unexpired on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Darnall is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it reduces the value of the property. For most purchasers and lenders, leases with under eighty years become less and less marketable. 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 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 Darnall 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 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.

Leasehold Conveyancing in Darnall - Sample of Questions you should consider Prior to buying

How is the lease structured? The prefered form of lease structure is a share of the freehold. In this scenario the tenants have control and even though a managing agent is often employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Is anyone aware of any major works in the near future that could increase the service charges?