I am selling my house in Aberdaron and the EA has just text me to warn that the purchasers are swapping solicitor. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. On what basis would a leading lender only work with certain lawyers rather the firm that they want to choose to handle their conveyancing in Aberdaron ?

Mortgage companies have always had panels of law firms that can act for them, but in recent years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.

Banks blame a rise in fraud as the reason for the reduction – criteria have been tightened 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 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. Your purchasers are not going to have any sway in the decision.

Our solicitor has discovered a a problem with the lease for the apartment we are buying in Aberdaron. The seller’s lawyers have suggested title insurance as a workaround. We are content with insurance and will pay for it. Our property lawyer has advised that he must ensure that the mortgage company is content with this solution. Are we the client or is the bank?

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook specifications. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.

five months have elapsed since my purchase conveyancing in Aberdaron concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

I am looking for a flat up to £305k and found one near me in Aberdaron I like with a park and transport links in the vicinity, however it only has 52 years unexpired on the lease. I can't really find anything else in Aberdaron for this price, so just wondered if I would be making a mistake buying a lease with such few years left?

If you require a mortgage that many years will likely be an issue. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.

What advice can you give us when it comes to appointing a Aberdaron conveyancing practice to carry out our lease extension conveyancing?

If you are instructing a property lawyer for lease extension works (regardless if they are a Aberdaron conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Aberdaron conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be of use:

Can they put you in touch with clients in Aberdaron who can give a testimonial?

Aberdaron Conveyancing for Leasehold Flats - Examples of Queries Prior to buying

Many Aberdaron leasehold apartments will incur a service charge for the upkeep of the block invoiced by the freeholder. Should you purchase the apartment you will have to meet this charge, usually periodically accross the year. This may be anything from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a rentcharge for you to pay yearly, this is usually not a exorbitant amount, say around £50-£100 but you need to enquire it because on occasion it can be many hundreds of pounds. Best to be warned whether a new roof is being put on or some other major work is pending that will be shared between the leasehold owners and will dramatically increase the the maintenance costs or result in a one time payment.