Unfortunately I am unable to travel far from Cumbria. Is there a reason why all Cumbria solicitors are not on all bank panels?

Mortgage Companies normally impose restrictions on either the nature or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that the firm is required to have two or more partners. As well as restricting the structure of firm, some have made a decision to reduce the size of their panel they use to represent them. You should note that banks have no responsibility for the accuracy of service given by any Cumbria conveyancer on their approved list. Property fraud was the main trigger for the culling of conveyancing panels in the last decade even though there are differing opinions concerning whether solicitors sat at the center of that fraud. Statistics from the Land Registry reveal that thousands of conveyancing practices only carry out a couple of conveyances annually. Those advocating conveyancing panel cuts ask why law firms deserve any entitlement to be on a bank panel when it is apparent that property law is not their primary expertise?

How does conveyancing in Cumbria differ for newly converted properties?

Most buyers of new build or newly converted property in Cumbria contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because house builders in Cumbria tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Cumbria or who has acted in the same development.

Am I right to be suspicious about brokers that I am dealing with are encouraging me to use a factory type conveyancing firm rather than a High Street Cumbria conveyancing firm?

As with lots of professional services, often suggestions from connections can be worth their weight in gold. Nevertheless there are lots of players in a conveyancing deal; estate agents, financial adviser and mortgage companies might all recommend conveyancers to choose. On occasion the lawyers might be known to one of the organisations as one of the best in their field, but sometimes there might be a commercial relationship behind the recommendation. You are at liberty to choose your own lawyer. Don't forget that some banks have an approved list of law firms you must use for the mortgage related work in your transaction.

Due to complete next month on a studio apartment in Cumbria. Conveyancing lawyers assured me that they report fully tomorrow. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Cumbria should include some of the following:

You would want to receive a copy of the lease Does the lease prevent you from renting out the property, or working from home Whether your lease provides for a slush account for major repairs? The total ownership of the premises. This may be the property itself but could also incorporate a roof space or storage are if appropriate. Ground rent - what is payable and when is collected, and also know whether this is subject to change

I inherited a 1 bedroom flat in Cumbria, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Equivalent properties in Cumbria with over 90 years remaining are worth £180,000. The ground rent is £65 charged once a year. The lease ends on 21st October 2082

With just 58 years left to run we estimate the price of your lease extension to range between £22,800 and £26,400 plus legals.

The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.

How easy is it to change a solicitor as I need to find a Cumbria based conveyancer who is on the mortgage company conveyancing panel. Is it advisable to appoint a new law firm?

In the event that you have not formally appointed a conveyancer to start work and at this stage simply received quotes, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Cumbria that you're considering.