My wife and I are approaching an exchange on a property in Coleshill and my mum and dad have transferred the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has not come from me my property lawyer needs to disclose this to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I informed the bank about my parents' contribution when I applied for the home loan, so is it really appropriate for this now to hold matters up?

The conveyancing practitioner is obliged to clarify with lender to ensure that they understand that the balance of the purchase price is not from your own resources. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.

I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Coleshill I like with amenity areas and transport links nearby, however it's only got 51 remaining years left on the lease. There is not much else in Coleshill in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?

Should you require a home loan the shortness of the lease will be an issue. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.

My husband and I are first time buyers - had an offer accepted, but the estate agent informed us that the vendor will only proceed if we instruct the agent's chosen lawyers as they need a ‘quick sale’. We would rather use a local conveyancer with experience of conveyancing in Coleshill

We suspect that the seller is unaware of this requirement. Should the vendor desire ‘a quick sale', alienating a genuine buyer is is going to put the whole deal at risk. Contact the vendors directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to go, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)but you intend to use your preferred Coleshill conveyancing firm - rather thanthe ones that will earn their estate agent a commission or hit his conveyancing figures set by HQ.

I work for a reputable estate agent office in Coleshill where we have experienced a number of flat sales jeopardised due to short leases. I have been given inconsistent advice from local Coleshill conveyancing firms. Can you clarify whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?

Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 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 simultaneously with completion of the disposal of the property.

An alternative approach is 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.

Coleshill Leasehold Conveyancing - A selection of Questions you should ask Prior to buying

You will want to discover as much as possible about the managing agents as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to every day matters like the tidiness of the common parts. Enquire of other people what they think of their service. In conclusion, find out the dates that you are obliged pay the maintenance charge to the appropriate party and specifically what you get for your money. It is important to be aware if fixing the lift or some other significant cost is pending to be shared between the tenants and will dramatically impact the level of the service costs or require a specific invoice.

I'm selling a property in Coleshill. I have found my conveyancer's company on the CLC list, but I can't see my conveyancer's name on the list. Should I be concerned?

Not all staff in the practice must be listed by the regulator. Provided there is a manager qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unlicensed staff.