I was advised recently by my mortgage adviser that my Deanshanger solicitor is not on the lender Solicitor panel. What can I do to check?

You need to call your Deanshanger lawyer directly. You lawyer should notify you of the situation. Where they are not on the panel they may recommend you to a Deanshanger conveyancing firm that is on the conveyancing panel for your bank.

My wife and I have recently purchased a property in Deanshanger. We have since encountered a number of problems with the property which we suspect were overlooked in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that should have been carried out as part of conveyancing in Deanshanger?

It is not clear from the question as what problems have arisen and if they are relate to conveyancing in Deanshanger. Conveyancing searches and investigations undertaken as part of the legal transfer of property are designed to help avoid problems. As part of the legal transfer of property, a property owner answers a form called a Seller’s Property Information Form. If the information turns out to be incorrect, you could possibly take legal action against the vendor for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Deanshanger.

Why do I have to pay up front when it comes to conveyancing in Deanshanger?

If you are buying a property in Deanshanger your lawyer will request that you place them with funds to cover the search fees. Ordinarily this is called for to cover the fees of the Local Authority Search. If any down payment is payable against the sale price then this will be needed immediately prior to exchange of contracts. The final balance that is needed will be payable shortly before completion.

I have been on the look out for a ground for flat up to £195,000 and identified one near me in Deanshanger I like with amenity areas and railway links in the vicinity, the downside is that it's only got 52 remaining years left on the lease. There is not much else in Deanshanger for this price, so just wondered if I would be making a grave error buying a lease with such few years left?

Should you require a home loan that many years may be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could ask them to 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 speak to your conveyancing solicitor about this matter.

I am looking at a couple of maisonettes in Deanshanger which have about forty five years unexpired on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Deanshanger is a deteriorating asset as a result of the reducing lease term. 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 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 Deanshanger 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 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.

I inherited a 2 bed flat in Deanshanger, conveyancing having been completed August 1996. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Deanshanger with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 per annum. The lease comes to an end on 21st October 2092

With 67 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 as well as professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.