I am nearing exchange of contracts for my house in Cowes and the EA has just telephoned to warn that the buyers are changing their conveyancer. The reason given is that the bank will only work with property lawyers on their conveyancing panel. Why would a major lender only engage with specific solicitors rather the firm that they want to choose for their conveyancing in Cowes ?

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

Lenders point to the increase in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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. Your buyers are unlikely to have any sway in the decision.

I am the registered owner of a freehold property in Cowes but nevertheless invoiced for rent, why is this and what is this?

It is rare for properties in Cowes and has limited impact for conveyancing in Cowes but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges from 1977 onwards.

Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 is to be extinguished.

Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Cowes is the location of the property. Can you shed any light on this issue?

Flying freeholds in Cowes are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cowes you would need to get your solicitor to go through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cowes may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

I own a leasehold house in Cowes. Conveyancing and Alliance & Leicester mortgage are in place. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1991. The conveyancing practitioner in Cowes who previously acted has long since retired. Do I pay?

First contact HMLR to make sure that this person is indeed the new freeholder. There is no need to instruct a Cowes conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I acquired a split level flat in Cowes, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Cowes with an extended lease are worth £201,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2090

With just 65 years unexpired the likely cost is going to be between £13,300 and £15,400 plus costs.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to 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.

Should I cancel my mortgage payments with Virgin Money as soon as a completion date for my home sale in Cowes has been set?

No, you should continue meeting any mortgage payments to Virgin Money until the mortgage is discharged from the proceeds of sale as part of your Cowes conveyancing.