My partner and I are buying a newly built duplex in Shirebrook and my lawyer is telling me that she is duty bound to the bank to reveal incentives from the builder. I am on a tight deadline to exchange and my preference is not to prolong matters. is my lawyer playing by the book?

You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.

Is it correct that all Shirebrook CQS (Conveyancing Quality Scheme) solicitors are on the Leeds Building Society conveyancing list of approved practices?

It is true that some banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitor practices wishing to join their approved list of conveyancing solicitors.

Is it the case that all Shirebrook solicitors on the Leeds Building Society conveyancing panel are governed by the SRA?

As solicitors, in order to be on the Leeds Building Society conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Some banks do allow licenced conveyancers on their panel in which case such organisation would be regulated by the CLC.

I am expecting a DIP from Nationwide this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Nationwide recommend any Shirebrook solicitors on the Nationwide conveyancing panel, or is it better to go independently?

You will need to appoint Shirebrook solicitors independently although you'll need to choose one on the Nationwide conveyancing panel. The solicitor represents both you and Nationwide through the process.

Despite weeks of looking the Title Certificate and documents to our home are lost. The solicitors who handled the conveyancing in Shirebrook 10 years ago no longer exist. What do I do?

As long as the title is registered the information relating to your ownership will be retained by HMLR with a Title Number. It is possible to perform a search at the Land Registry, locate your house and obtain up to date copies of the property title for less than a fiver. If the property is Leasehold then the Land Registry will usually hold a file duplicate of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.

I am selling my home. My former lawyers have shut. It would be helpful to have a recommendation of a conveyancing firm. Im based in Shirebrook if that makes a difference.

Do use our search tool to help you choose a solicitor for your conveyancing in Shirebrook. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move runs with a minimum of fuss.

I am tempted by the attractive purchase price for a couple of flats in Shirebrook both have approximately fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Shirebrook is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and banks, leases with less than eighty 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 Shirebrook 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. 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.

Shirebrook Leasehold Conveyancing - Examples of Queries before buying

Can you inform me if there are any major works in the planning that will likely increase the service costs? If a Shirebrook lease has less than eighty years it will impact the salability of the property. Check with your bank that they are willing to to proceed given the lease term. A short lease means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out how much this will be. For most Shirebrooklease extensions you would be required to have owned the property for 24 months before you are entitled to carry out a lease extension. How much is the maintenance charge and ground rent on the property?