Please explain the implications if my solicitor is suspended from the Lloyds Conveyancing panel ahead of completing my conveyancing in Marple Bridge?

The first thing to point out is that, this is very unlikely to happen. 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.

Forgive me if this question is silly but I am unseasoned as a 1st time buyer of a ground floor flat in Marple Bridge. Do I pick up the keys to the house on completion from my solicitor? If so, I will appoint a local conveyancing solicitor in Marple Bridge?

On the day of completion you will not be required to attend the conveyancers office in Marple Bridge. Conveyancing lawyers for you will transfer the completion advance to the vendor’s lawyers, and shortly after the monies have arrived, you should be called to receive the keys from the Estate Agents and start moving into the property. This tends to happen between 1 and 3pm.

I have been told by my lawyer that absentee landlord insurance is necessary on my purchase. What is the level of cover for Marple Bridge conveyancing?

The right level of absentee landlord indemnity insurance should be dictated by who who your lender is. It would differ for example between Barclays and Norwich and Peterborough Building Society. Conveyancing practitioners as opposed to borrowers take out such insurances.

It is not clear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Marple Bridge bank branch on various occasions and was informed it wasn't a problem and they would lend. My Marple Bridge conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they refuse to lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?

Provided that the conveyancing practitioner is on the bank approved list, she or he must follow the CML Handbook specifications for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company 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 left on the lease.

Are there restrictive covenants that are commonly identified as part of conveyancing in Marple Bridge?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Marple Bridge. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

How does conveyancing in Marple Bridge differ for newly converted properties?

Most buyers of new build or newly converted property in Marple Bridge come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is constructed. This is because builders in Marple Bridge tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Marple Bridge or who has acted in the same development.

I work for a long established estate agent office in Marple Bridge where we see a number of leasehold sales derailed due to short leases. I have been given contradictory information from local Marple Bridge conveyancing firms. Could you confirm whether the owner of a flat can start the lease extension formalities for the buyer?

As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

Marple Bridge Conveyancing for Leasehold Flats - A selection of Queries before buying

Please tell me if there are any major works in the near future that will likely increase the service charges? Who are the managing agents? Be sure to enquire if the the lease includes any adverse restrictions in the lease. For example plenty of leases prohibit pets being permitted in in a block in Marple Bridge. If you like the apartmentin Marple Bridge yet your dog is not allowed to move with you then you will be presented with a hard decision.