My son is buying a newly built flat in Litherland with a home loan from HSBC. His conveyancer has said that there is a delay in receiving the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?

The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.

I am told that my conveyancing solicitors will need to check that the building insurance for my purchase of a house in Litherland. My lender is Virgin

Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 14/4/2024, the requirements read as follows :

Is it the case that all Litherland solicitor practices on the Leeds Building Society conveyancing panel are regulated by the Solicitors Regulatory Authority?

As solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be overseen by the SRA. The majority of mortgage companies do allow licenced conveyancers on their panel in which case such firms would be overseen by the CLC.

I have decided to exercise my right to buy my property in Litherland off the council. I have a mortgage offer with Santander. Conveyancing is not something I have any knowledge of. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?

It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Santander, you will need to appoint a solicitor on the Santander conveyancing panel.

I can not work out if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my Litherland bank branch on various occasions and was told it does not impact the mortgage offer and they would lend. My Litherland conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they would not lend in accordance with their specific requirements. I simply don't know who is right.

As long as the conveyancing practitioner is on the mortgage company approved list, she or he must comply with the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.

I am looking to sell my house. My previous solicitors have shut. I am in need of a recommendation of a conveyancing firm. Im based in Litherland if that affects matters.

Do use our search tool to help you find a solicitor for your conveyancing in Litherland. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes smoothly.

I am tempted by the attractive purchase price for a two maisonettes in Litherland which have approximately forty five years left on the leases. should I be concerned?

There are no two ways about it. A leasehold apartment in Litherland is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. 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 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 a property 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 Litherland conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

I purchased a basement flat in Litherland, conveyancing was carried out September 2002. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Litherland with a long lease are worth £191,000. The ground rent is £55 levied per year. The lease comes to an end on 21st October 2077

You have 53 years left to run the likely cost is going to range between £27,600 and £31,800 as well as legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.