I was informed yesterday by my mortgage broker that my Minehead the law firm I have appointed is not on the lender Conveyancing panel. How can I be sure that this is correct?

The first thing you need to do is to call your Minehead lawyer directly. You lawyer should notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.

Will conveyancers request money on account when it comes to conveyancing in Minehead?

Where you are retaining lawyers for conveyancing in Minehead your solicitor will ask you to provide them with funds to cover the the cost of the conveyancing searches. Generally this is needed to cover the fees of the conveyancing searches. If any down payment is as part of the purchase price then this will be required immediately ahead of contracts are exchanged. The closing balance that is due will be payable shortly before completion.

I am purchasing a new build house in Minehead with the aid of help to buy. The developers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The sale representative suggested that I not disclose to my conveyancer about this extras as it may adversely affect my mortgage with the bank. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder 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 tempted by the attractive purchase price for a two flats in Minehead both have in the region of fifty years unexpired on the leases. Will this present a problem?

There is no doubt about it. A leasehold flat in Minehead is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of buyers and banks, leases with under 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 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 Minehead 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 Minehead - Sample of Questions you should ask Prior to buying

How is the lease structured? Is anyone aware of any major works in the planning that will add a premium to the maintenance charges? It is important to be aware if a new roof is being installed or some other major work is due in the foreseeable future to be shared by the leaseholders and will materially impact the level of the maintenance costs or require a one time payment.

Do I cancel my mortgage payments with Clydesdale as soon as a completion date for my sale in Minehead has been agreed?

No, you should keep meeting any mortgage sums to Clydesdale until the mortgage is discharged out of the proceeds of sale as part of your Minehead conveyancing.