My husband and I are only a couple days away from an exchange on a property in Buxton and my mum and dad have sent the exchange deposit to my lawyer. I am now advised that as the deposit has been received from someone other than me my solicitor needs to make a notification to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I disclosed to the lender concerning my parents' contribution when I applied for the mortgage, so is it really necessary for this now to hold matters up?

Your property lawyer is legally required to check with the bank to ensure that they know that the balance of the purchase price is not from your own funds. The solicitor can only report this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.

How does conveyancing in Buxton differ for new build properties?

Most buyers of new build residence in Buxton come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Buxton usually purchase the land, 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 used to new build conveyancing in Buxton or who has acted in the same development.

I have been on the look out for a flat up to £235,500 and identified one near me in Buxton I like with amenity areas and station in the vicinity, the downside is that it only has 52 years on the lease. I can't really find anything else in Buxton in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?

Should you require a home loan the shortness of the lease may be problematic. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing solicitor about this matter.

Do I need to be concerned that estate agents that I am dealing with are recommending a nationwide conveyancing firm rather than a local Buxton conveyancing firm?

As is the case with lots of professional services, often referrals from family and friends can be worth their weight in gold. But there are lots of players in a conveyancing matter; estate agents, mortgage brokers and mortgage companies might all suggest solicitors to instruct. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there is an underlying financial incentive behind the recommendation. You have the right to select your own lawyer. However, bear in mind that many banks operate an approved list of law firms you have to use for the lender related work in your home move.

I am tempted by the attractive purchase price for a couple of maisonettes in Buxton both have about 50 years remaining on the leases. should I be concerned?

There is no doubt about it. A leasehold apartment in Buxton 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 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 premises 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 Buxton 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.

Buxton Leasehold Conveyancing - A selection of Queries Prior to buying

How many years are left on the lease? The prefered form of lease structure is a share of the freehold. In this scenario the leaseholders benefit from control and although a managing agent is frequently employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Does the lease contain onerous restrictions?