Me and my partner are soon to complete on the purchase of a property in Walkden but as a consequence of damage from the recent storms I have managed to agree compensation from the owner in the sum of three thousand pounds by way of a adjustment in the price. This was going to be dealt with as part of the conveyancing process but Virgin Money will not agree to this. Why were they notified?

Your solicitor that is on a Virgin Money conveyancing panel is required to inform Virgin Money of any amendments to the sale price. If you were to refuse your solicitor to disclose the price change to Virgin Money then they would have to discontinue acting for you. In addition, Virgin Money and you would have to appoint a new solicitor for your conveyancing in Walkden.

I am close to exchanging contracts on the sale of our home in Walkden and according to the buyers it appears that there is a possibility that the property was built land that was not decontaminated. A high street Walkden lawyer would know that there is no such problem. For the life of me I don't know why the buyers are using an internet conveyancing firm rather than a conveyancing solicitor in Walkden. We have lived in Walkden for three years we know that this is a non issue. Should we contact our local Authority to get confirmation that the buyers are looking for.

It would appear that you have a conveyancing lawyer already. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)

I am purchasing my first flat in Walkden with a mortgage from TSB. The sellers would not reduce the price so I negotiated 6k of additionals instead. The estate agent told me not reveal to my lawyer about this side-deal as it could adversely affect my loan with TSB. Do I keep my lawyer in the dark?.

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.

In what way can the Landlord & Tenant Act 1954 affect my business property in Walkden and how can your lawyers assist?

The 1954 Act affords a safeguard to business leaseholders, granting the right to make a request to court for a continuation of occupancy at the end of an expired lease. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complex. Fees are different for commercial conveyancing. Walkden is one of our hundreds of locations in which the firms we work with are located

I am employed by a reputable estate agency in Walkden where we see a number of leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Walkden conveyancing firms. Can you shed some light as to whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?

Provided that 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 has to be done before, or simultaneously with completion of the sale.

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.

I invested in buying a leasehold flat in Walkden, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Walkden with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease comes to an end on 21st October 2105

With only 80 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.