I am purchasing a brand new apartment in Moulton and my conveyancer is advising me that she is duty bound to the bank to reveal incentives from the developer. I am under pressure to sign contracts and my preference is not to prolong deal. is my lawyer playing by the book?

You should not exchange unless you have been advised to do so by your lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

The Moulton conveyancing solicitors that just started acting on my house acquisition in Moulton have suddenly closed. I chose them because I needed a solicitor on the Aldermore conveyancing panel and my family Moulton lawyer was not. I paid them £170 in advance. What do I do now?

Assuming that you have an Estate Agent in the equation then inform them immediately so that they can let the sellers know that there may be a slight delay due to reasons beyond your control. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Aldermore conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.

Are there restrictive covenants that are commonly picked up as part of conveyancing in Moulton?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Moulton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

How does conveyancing in Moulton differ for new build properties?

Most buyers of new build property in Moulton come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because developers in Moulton tend to buy the site, 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 conveyancing solicitors 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 Moulton or who has acted in the same development.

I am a negotiator for a reputable estate agent office in Moulton where we have experienced a few flat sales jeopardised as a result of short leases. I have received inconsistent advice from local Moulton conveyancing solicitors. Can you shed some light as to whether the seller of a flat can instigate the lease extension process for the buyer?

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. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.

An alternative approach is to agree the lease extension with the freeholder 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.

I am the registered owner of a studio flat in Moulton, conveyancing formalities finalised December 2012. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Moulton with a long lease are worth £176,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2075

With only 50 years remaining on your lease we estimate the premium for your lease extension to be between £31,400 and £36,200 plus costs.

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 investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.