My fiance and I are looking to purchase a home in Sherwood and are in fact using a Sherwood conveyancing firm. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Barclays Direct have this morning contacted us to inform me that there is now an issue as our Sherwood conveyancer is not on their approved list of lawyers. Is this a problem?

When purchasing a property with mortgage finance it is conventional for the purchasers' lawyers to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Sherwood lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.

Please explain the implications if my solicitor is suspended from the Yorkshire BS Solicitor panel ahead of completing my conveyancing in Sherwood?

First, this is a very rare occurrence. 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 at a cost.

How does conveyancing in Sherwood differ for newly converted properties?

Most buyers of new build property in Sherwood approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because new home sellers in Sherwood usually 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 accustomed to new build conveyancing in Sherwood or who has acted in the same development.

I am in need of some leasehold conveyancing in Sherwood. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.

If the lease is registered - and almost all are in Sherwood - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.

I bought a 1 bedroom flat in Sherwood, conveyancing having been completed September 2006. How much will my lease extension cost? Corresponding flats in Sherwood with over 90 years remaining are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2087

With just 63 years remaining on your lease we estimate the price of your lease extension to span between £16,200 and £18,600 as well as legals.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.

Why am I unable to complete my conveyancing in Sherwood on a bank holiday?

This is due to the fact that on completion the funds will pass between the banks of the purchaser and owner’s lawyer and at present this can only happen on a business day. It is not possible to complete on a weekend either.