I am five weeks into the sale of my ground floor flat in Crickhowell and the estate agent has just e-mailed to say that the purchasers are swapping law firm. I am told that this is due to the fact that the lender will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only work with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Crickhowell ?

Lenders have always had panels of law firms that can represent them, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for decades.

Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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. The purchasers are unlikely to have any impact on this.

Would the conveyancing lawyers that you recommend carry out conveyancing in Crickhowell by way of an attended exchange?

We do have a number of conveyancing experts carrying out personalised exchanges. You should e-mail us to receive a fee calculation and details as to availability.

Yesterday I discovered that there is a flying freehold issue on a property I put an offer in last month in what was supposed to be a simple, no chain conveyancing. Crickhowell is where the house is located. Can you shed any light on this issue?

Flying freeholds in Crickhowell are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Crickhowell you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Crickhowell may determine 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 property.

What makes a Crickhowell lease unmortgageable?

There is nothing unique about leasehold conveyancing in Crickhowell. Most leases are unique and legal mistakes in the legal wording can result in certain sections are erroneous. The following missing provisions could result in a defective lease:

A provision for the recovery of money spent for the benefit of another party.

A defective lease can cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Accord Mortgages Ltd, Barnsley Building Society, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to pull out.

I invested in buying a basement flat in Crickhowell, conveyancing was carried out September 2011. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Crickhowell with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ceases on 21st October 2076

With only 52 years unexpired the likely cost is going to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

I see that you have a search directory identifying solicitors on the lender conveyancing panel. Do Crickhowell conveyancing firms pay you a commission if I instruct them for my own conveyancing?

We are a listing service only for law firms wishing to communicate if they are on the lender conveyancing panel or other lender panels. We do not charge referral fees to the any conveyancer that you subsequently appoint for your conveyancing in Crickhowell.