Me and my partner are planning to acquire a 2 bedroom apartment in Brading with a mortgage. We have a Brading conveyancer, but the mortgage company advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or keep our Brading conveyancer and pay for one of their panel firms to represent them. This seems very unfair; is there anything we can do?

No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Brading conveyancing solicitor to apply to be on the conveyancing panel.

We wanted to use a property lawyer in Brading for our house purchase. Our broker informed us that our mortgage lenders Platform Home Loans Ltd won't deal with them. Why is this not regarded as unfair competition?

Lenders on the whole restrict either the type or the volume of conveyancing firms on their panel. Typical examples of such criteria being that a firm must not be a sole practitioner. In addition to restricting the profile of firm, a few lenders have reduced the amount of firms they permit to act for them. Be aware that Platform Home Loans Ltd have no responsibility for the quality of advice provided by any member of Platform Home Loans Ltd Conveyancer Panel. Mortgage fraud was a key driver in the rationalisation of solicitor panels since 2008 even though there are mixed views about the level of solicitor involvement in some of that fraud. Data from the Land Registry reveal that thousands of law firms, including some in or near Brading only carry out a couple conveyances per annum.

I am buying a new build apartment in Brading. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.

Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Brading

If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply a car parking plan. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please provide evidence that the form of Lease proposed has been approved by the Land Registry.

I am looking at a couple of maisonettes in Brading both have approximately 50 years remaining on the leases. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Brading is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and lenders, leases with under 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Brading conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I invested in buying a leasehold flat in Brading, conveyancing having been completed 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Brading with a long lease are worth £201,000. The ground rent is £45 charged once a year. The lease comes to an end on 21st October 2089

With only 64 years remaining on your lease we estimate the premium for your lease extension to span between £14,300 and £16,400 plus legals.

The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.

I am planning to acquire a house and need a conveyancing solicitor in Brading who is on the lender solicitor panel. Could you point me in the right direction as regards a firm?

Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for the bank who carry out conveyancing in Brading. We dont recommend any particular firm.