I am in the process of selling my flat in Calstock and the EA has just called to warn that the purchasers are swapping property lawyer. I am told that this is due to the fact that the bank will only engage with solicitors on their conveyancing panel. Why would a major mortgage company only work with specific law firms rather the firm that they want to select for their conveyancing in Calstock ?

UK lenders have always had an approved set of law firms that can represent them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.

Mortgage companies point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to keep an eye on. Banks tend not to disclose 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 purchasers are unlikely to have any impact on this.

Can conveyancing in Calstock to be done inside a month?

Where the seller is applying pressure for your conveyancing it is advisable to make sure that your solicitor is familiar with the location as they will benefit local relationships and knowledge. It is possible that they could have transacted otherhomes in the same street. Therefore consider using a Calstock conveyancing lawyer. In addition, be sure that the conveyancing firm is on the on the approved list for your mortgage company. It is estimated that just under twenty per cent of Calstock conveyancing transactions are suspended or jeopardised after discovering a buyer’s lawyer was not on their mortgage lender’s panel. This can often result in the legal process being delayed by an average of 21 days. It is said that this issue affects in the region of 100,000 home moves annually. Most Calstock conveyancing firms can not act for certain mortgage companies so do check at the outset.

Are there restrictive covenants that are commonly identified during conveyancing in Calstock?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Calstock. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

The estate agent has sent us the confirmation of our purchase of a new build apartment in Calstock. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.

Here are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Calstock

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. Forfeiture - bankruptcy or liquidation must not apply under this provision. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.

I am tempted by the attractive purchase price for a couple of apartments in Calstock both have about fifty years unexpired on the leases. Do I need to be concerned?

There is no doubt about it. A leasehold flat in Calstock is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with under 75 years become less and less marketable. 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 Calstock conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 1 bedroom flat in Calstock, conveyancing was carried out half a dozen 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? Comparable properties in Calstock with over 90 years remaining are worth £190,000. The ground rent is £45 charged once a year. The lease runs out on 21st October 2087

With 62 years unexpired we estimate the price of your lease extension to span between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.