Our conveyancer has uncovered a a legal deficiency with the lease for the property we are purchasing in Parbold. The other side have offered defective title insurance as a workaround. We are happy with insurance and will cover the costs. Our conveyancing practitioner says that he must be satisfied that the bank is content with this solution. Are we the client or is the mortgage company ?

Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook conditions. You and the bank are the client. The appropriate lender specifications must be adhered to.

I'm purchasing my first flat in Parbold with a mortgage from TSB. The sellers would not move on the price so I negotiated 6k of additionals instead. The property agent told me not reveal to my conveyancer about the side-deal as it will impact my mortgage with TSB. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

How can the Landlord & Tenant Act 1954 affect my business premises in Parbold and how can you help?

The particular law that you refer to gives security of tenure to commercial tenants, giving them the legal entitlement to make a request to court for a renewal lease and remain in occupation at the end of the lease term. There are certain specified grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and help with commercial conveyancing in Parbold

I am a negotiator for a busy estate agency in Parbold where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have received contradictory information from local Parbold conveyancing firms. Could you shed some light as to whether the seller of a flat can instigate 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 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 acquired a ground floor flat in Parbold, conveyancing having been completed 3 years ago. How much will my lease extension cost? Equivalent flats in Parbold with over 90 years remaining are worth £227,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2097

With only 72 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.

My wife and I are disposing of a Parbold flat we inherited ten years ago in 2009. I have over 12 years conveyancing knowledge and, although retired, see no reason not to conduct the legal work. The purchaser's property lawyer has informed me that their mortgage company will not allow you to do your own conveyancing mandating that the funds to be passed via a solicitor's bank account.

Lending instructions to property lawyers from all mainstream lenders specify that If the seller does not have legal representation the borrower's lawyers should check whether the lender needs to be informed so that a decision can be made as to whether or not they are willing to proceed.