I am nearing exchange of contracts for my flat in Ferryhill and the EA has just text me to warn that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the mortgage company will only deal with property lawyers on their approved list. Why would a big named lender only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Ferryhill ?

UK lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.

Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any impact on this.

How does conveyancing in Ferryhill differ for newly converted properties?

Most buyers of new build residence in Ferryhill come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is completed. This is because developers in Ferryhill usually buy the real estate, 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 conveyancers 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 Ferryhill or who has acted in the same development.

I opted to have a survey done on a property in Ferryhill prior to retaining solicitors. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some banks will not issue a loan on such a property.

It varies from the lender to lender. Bank of Scotland has different requirements for example to Halifax. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Ferryhill. Conveyancing will be smoother if you use a solicitor in Ferryhill especially if they are accustomed to such properties in Ferryhill.

I want to sublet my leasehold apartment in Ferryhill. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for permission?

Your lease governs the relationship between the freeholder and you the flat owner; specifically, it will indicate if subletting is prohibited, or permitted but only subject to certain caveats. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. The majority of leases in Ferryhill do not prevent an absolute prevention of subletting – such a provision would undoubtedly devalue the property. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.

I acquired a leasehold flat in Ferryhill, conveyancing formalities finalised July 2006. How much will my lease extension cost? Comparable flats in Ferryhill with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease expires on 21st October 2082

With just 58 years left to run the likely cost is going to be between £22,800 and £26,400 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.

The solicitors undertaking our conveyancing in Ferryhill has forwarded documents to review that show the property is unregistered with epitome documents. Surely all property in Ferryhill are registered?

It is rare for property in Ferryhill to be unregistered. An 'epitome' is basically a dossier of photocopies of documents affecting an unregistered title. Plenty of Ferryhill conveyancing solicitors should be able to handle this type of conveyancing but in the event that uncertainty exists the conventional proposition nowadays is for the seller to address the registration formalities first and subsequently deal with the transfer to the buyer - this can though naturally result in a significant delay.