My mortgage broker has requested my Allenton solicitor’s panel reference for the HSBC conveyancing panel. Can you suggest how I find this out. I have e-mailed my local Allenton office but they don't know it.

The sensible thing to do is ask for this information from your Allenton conveyancer . They should have a central record lender panel numbers.

How does conveyancing in Allenton differ for newly converted properties?

Most buyers of new build residence in Allenton approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is constructed. This is because new home sellers in Allenton typically purchase 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 accustomed to new build conveyancing in Allenton or who has acted in the same development.

Over the last few months I have been searching for a flat up to £305k and found one round the corner in Allenton I like with open areas and railway links nearby, the downside is that it's only got 49 years unexpired on the lease. There is not much else in Allenton for this price, so just wondered if I would be making a mistake buying a lease with such few years left?

Should you need a mortgage the remaining unexpired lease term may be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.

I am tempted by the attractive purchase price for a couple of maisonettes in Allenton which have in the region of fifty years remaining on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Allenton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. 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 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 Allenton 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 Allenton - Examples of Questions you should ask Prior to buying

How is the lease structured? Are any of leasehold owners in arrears of their service charge liability? For many Allenton leaseholds the outlay for major works are not included within service charges, although some managing agents in Allenton ask leasehold owners to contribute towards a reserve fund and this is used to offset against major works.

My parents cant seem to find their Allenton property on the HMLR website. They recall that 50 years ago when they bought the house there were complications regarding the address not being identified on some systems.

Almost all properties in Allenton should appear. Have you limited your search to just the postcode. Usually it should disclose all the houses and flats inside the postcode. Assuming the property is recorded it will show up with a title number. If they bought back in the 60’s it's conceivable it may be unregistered. The address might still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title documentation which may be with your parent’s lender.