I am selling my house in Farnham Common and the EA has just e-mailed to advise that the buyers are appointing a new law firm. The reason given is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a leading lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Farnham Common ?

Mortgage companies have always had an approved set of law firms that can represent them, but in the last few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.

Banks point to the increase in fraud by way of justification for the pruning – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The buyers are unlikely to have any impact on this.

It is 10 years ago since I acquired my house in Farnham Common. Conveyancing solicitors have recently been appointed on the sale but I am unable to locate the deeds. Will this jeopardise the sale?

You need not be too concerned. Firstly the deeds may be retained by the lender or they could stored with the conveyancers who acted in your purchase. Secondly in most cases the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring current official copies of the land registers. The vast majority of conveyancing in Farnham Common involves registered property but in the unlikely event that your property is not registered it is more tricky but is not insurmountable.

What does a local search reveal about the property I am buying in Farnham Common?

Farnham Common conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations for example PSG The local search plays an important role in many a Farnham Common conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your new home. The search will provide information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic headings.

How does conveyancing in Farnham Common differ for newly converted properties?

Most buyers of new build premises in Farnham Common come to us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because builders in Farnham Common tend to acquire 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 Farnham Common or who has acted in the same development.

I've recently bought a leasehold flat in Farnham Common. Do I have any liability for service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Leasehold Conveyancing in Farnham Common - Sample of Questions you should ask Prior to Purchasing

Does the lease have onerous restrictions? Many Farnham Common leasehold apartments will incur a service bill for maintenance of the building levied on behalf of the freeholder. Where you buy the apartment you will have to meet this contribution, normally quarterly accross the year. This could vary from a couple of hundred pounds to thousands of pounds for large purpose-built buildings. There will also be a ground rent to be met yearly, this is usually not a large figure, say approximately £50-£100 but you should to enquire it because on occasion it could be surprisingly expensive.