I am nearing exchange of contracts for my house in Trefnant and the EA has just telephoned to advise that the purchasers are changing their property lawyer. The excuse is that the bank will only deal with solicitors on their conveyancing panel. On what basis would a major lender only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Trefnant ?

Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for over 25 years.

Lenders point to the increase in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms 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 not going to have any sway in the decision.

Will commercial conveyancing searches reveal planned roadworks that could affect a commercial property in Trefnant?

Its becoming the norm that commercial conveyancing solicitors in Trefnant will conduct a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Trefnant. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Trefnant.

For every commercial conveyancing transaction in Trefnant it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can cause delays to Trefnant commercial conveyancing deals as well as pose a risk to future plans for the site. These searches are not ordered for residential conveyancing in Trefnant.

I am purchasing my first flat in Trefnant with a mortgage from HSBC Bank. The builders would not budge the price so I negotiated 6k of fixtures and fittings instead. The estate agent suggested that I not disclose to my conveyancer about the side-deal as it will jeopardize my loan with HSBC Bank. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the developer 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.

Over the last few months I have been searching for a leasehold apartment up to £305k and identified one close by in Trefnant I like with a park and transport links nearby, however it's only got 61 years unexpired on the lease. There is not much else in Trefnant in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?

Should you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you may 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 speak to your conveyancing lawyer regarding this.

What are the frequently found deficiencies that you encounter in leases for Trefnant properties?

Leasehold conveyancing in Trefnant is not unique. All leases are drafted differently and drafting errors can sometimes mean that certain sections are missing. The following missing provisions could result in a defective lease:

Maintenance charge proportions which don’t add up to the correct percentage A provision for the recovery of money spent for the benefit of another party.

A defective lease can cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, The Mortgage Works, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.

I am the registered owner of a leasehold flat in Trefnant, conveyancing was carried out half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Trefnant with over 90 years remaining are worth £201,000. The ground rent is £45 yearly. The lease terminates on 21st October 2088

With just 64 years remaining on your lease the likely cost is going to span between £14,300 and £16,400 as well as legals.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt 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 take any other action based on this information before seeking the advice of a professional.