My wife and I are hoping to acquire a house in Astley and have instructed a Astley conveyancing practice. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Alliance & Leicester have this afternoon contacted us to inform me that there is now an issue as our Astley conveyancer is not on their approved list of lawyers. Is this a problem?

If you are buying a property with the assistance of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Astley solicitors, in which case it will likely add costs, and it may delay matters as you have another set of people involved.

Can the conveyancing lawyers that you recommend handle conveyancing in Astley by way of an attended exchange?

There are a few conveyancing experts who can conduct attended exchanges. Please contact us to secure a costs illustration and details as to dates.

Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Astley. My lender is Bank of Ireland

Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/12/2024, the requirements read as follows :

I just acquired a property at auction in Astley. Conveyancing is necessary. What happens now?

Now that you have for in every practical sense signed on the dotted line you must retain a conveyancing practitioner as a matter of urgency as you now have a fast approaching a drop dead date to complete the transaction. Every auction property should have a bespoke auction set of papers. This will likely include most,if not all of the paperwork that your solicitor requires. Where you are dealing with leasehold premises the legal pack should contain a copy of the lease, management information and a sellers leasehold information form and other conveyancing paperwork pertinent to a leasehold property. You should pass this on to the conveyancer instructed by you at the earliest opportunity. You also need to ensure that you have funds organised to complete on the date specified in the contract.

My husband and I have arranged the release of further monies on our home loan from Skipton as we intend to conduct renovations to our house in Astley. Are we obliged to appoint a local Astley solicitor on the Skipton conveyancing panel to handle the legals?

Skipton don't usually require a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Skipton panel.

I can not work out if my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Astley building society branch on various occasions and was told it wasn't an issue and they would lend. My Astley conveyancing solicitor - who is on the mortgage company conveyancing panel- called and was told they will not lend based on their specific requirements. Who do I believe?

Your conveyancer must follow the CML Handbook Part 2 conditions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years remaining.

I am attracted to a two flats in Astley both have in the region of forty five years left on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Astley is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less marketable. 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 premises 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 Astley conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 the agreed 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.

Astley Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing

Is anyone aware of any major works in the near future that could add a premium to the service charges? This question is helpful as a) areas can result in problems for the block as the common areas may start to deteriorate where maintenance remain unpaid b) if the tenants have a dispute with the running of the building you will wish to have all the details It is important to be aware whether a new roof is being put on or some other significant cost is due in the near future that will be shared by the leasehold owners and will dramatically increase the the service charges or require a one off payment.