Am I correct in assuming that the fact that my solicitor in Peterston Super Ely is not on my lender's conveyancing panel that there is a problem with the standard of his work?

It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Peterston Super Ely conveyancing practice and enquire why they are no longer on the approved list for your bank.

Should our lawyer be asking questions concerning flooding as part of the conveyancing in Peterston Super Ely.

The risk of flooding is if increasing concern for conveyancers dealing with homes in Peterston Super Ely. Plenty of people will acquire a property in Peterston Super Ely, fully aware that at some time, it may be flooded. However, aside from the physical damage, if a house is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.

Lawyers are not qualified to give advice on flood risk, however there are a various checks that can be initiated by the buyer or on a buyer’s behalf which can give them a better understanding of the risks in Peterston Super Ely. The conventional set of completed inquiry forms given to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard inquiry of the owner to determine whether the premises has suffered from flooding. If the property has been flooded in past which is not revealed by the vendor, then a purchaser could issue a legal claim for losses stemming from an incorrect reply. The purchaser’s conveyancers may also conduct an enviro search. This will indicate whether there is a recorded flood risk. If so, additional investigations will need to be carried out.

I am buying my first flat in Peterston Super Ely with a loan from Leeds Building Society. The sellers would not budge the amount so I negotiated 6k of fixtures and fittings instead. The property agent advised me not reveal to my lawyer about the side-deal as it may affect my loan with the bank. Do I keep my lawyer in the dark?.

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.

I am looking for a ground for flat up to £305k and found one round the corner in Peterston Super Ely I like with open areas and transport links in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Peterston Super Ely in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?

Should you need a home loan that many years will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this.

I am tempted by the attractive purchase price for a two maisonettes in Peterston Super Ely both have about fifty years remaining on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Peterston Super Ely is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 Peterston Super Ely 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.

Leasehold Conveyancing in Peterston Super Ely - Examples of Queries before Purchasing

You should want to find out as much as possible about the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to practical matters like the cleanliness of the common parts. You should not be shy to ask other people what they think of their management. On a final note, investigate as to the dates that you are obliged pay the service charge to the relevant party and precisely how they are spending that money. Who is in charge of the building? Please note if it is less than 80 years it will affect the value of the flat. It is worth checking with your mortgage company that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this would cost. For most Peterston Super Elylease extensions you would be be obliged to have been the owner of the residence for a couple of years in order to be entitled to exercise a lease extension.