Our conveyancer has discovered a defect with the lease for the apartment we are purchasing in Alcester. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our conveyancer has advised that he must ensure that the mortgage company is happy with this solution. Are we the client or is the mortgage company ?

Regardless of the fact that you have a mortgage offer from the lender does not mean to say that the property will meet their specifications for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the mortgage company are the client. The appropriate lender conditions have to be complied with.

Having sold my house in Alcester last March yet the purchaser is texting daily to moan that their solicitor needs to hear from myconveyancer. What should my lawyer have done now that I have sold?

Following your disposal your lawyer should send the transfer deeds and all additional paperwork to the purchaser's conveyancer. Depending on the transaction, your conveyancer should also confirm that the mortgage has been paid off to the buyers lawyers. There is unlikely to be post completion formalities specific conveyancing in Alcester.

Please explain the implications if my lawyer’s firm is removed from the Lloyds Solicitor panel ahead of completing my conveyancing in Alcester?

First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.

I've recently found out that there is a flying freehold issue on a house I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Alcester is the location of the property. Is there any guidance you can give?

Flying freeholds in Alcester are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Alcester you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Alcester may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

I am tempted by the attractive purchase price for a couple of apartments in Alcester which have approximately 50 years left on the leases. Will this present a problem?

There are no two ways about it. A leasehold apartment in Alcester is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. The majority of buyers and lenders, leases with less than eighty years become less and less attractive. 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 residence 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 Alcester 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 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 acquired a garden flat in Alcester, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding flats in Alcester with over 90 years remaining are worth £211,000. The ground rent is £45 yearly. The lease ends on 21st October 2092

With just 67 years remaining on your lease we estimate the premium for your lease extension to be between £10,500 and £12,000 plus legals.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.