Much to our surprise we have been informed by our lender that my Astley property lawyer is not on the bank Conveyancing panel. What can I do to be sure if this is correct?

You need to contact your Astley conveyancer. You lawyer should advise you of the situation. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.

My lawyer has identified a defect with the lease for the property we are purchasing in Astley. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our property lawyer has advised that he must check that the mortgage company is content with this solution. Are we the client or is the lender?

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.

What makes your site different to other internet conveyancing brokers for conveyancing in Astley?

At this site receive a fixed fee costs illustration from a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Astley. As opposed to estate agents and brokerage sites we are not in the business of charging firms a commission if you choose them for your property ownership legalities in Astley

I am employed by a reputable estate agent office in Astley where we have witnessed a few leasehold sales put at risk due to leases having less than 80 years remaining. I have been given conflicting advice from local Astley conveyancing firms. Please can you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the disposal of the property.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.

Astley Leasehold Conveyancing - Sample of Queries Prior to Purchasing

On the whole the outlay for major works are not included within service charges, although some managing agents in Astley obliged tenants to pay into a reserve fund and this is used to offset against major works. The prefered form of lease arrangement is a share of the freehold. In this arrangement the tenants enjoy being in charge if their destiny and although a managing agent is usually employed where it is larger than a house conversion, the managing agent acts for the leaseholders themselves. How many years are left on the lease?

We are soon to exchange on the purchase a property in Astley but as a consequence of damage from the recent storms I have agreed reparation from the vendor of £2k in the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process however my bank will not permit this. Should they have been informed?

The conveyancing practitioner that is on a mortgage company approved list is duty bound to inform the lender of any amendments to the sale amount. If you were to refuse your solicitor to disclose the reduction to your mortgage company then they would need to refrain from representing you and the mortgage company.