I am nearing exchange of contracts for my maisonette in Droylsden and the estate agent has just telephoned to say that the purchasers are appointing a new property lawyer. The reason given is that the bank will only engage with property lawyers on their conveyancing panel. Why would a major lender only deal with specific solicitors rather the firm that they want to choose to handle their conveyancing in Droylsden ?

Mortgage companies have always had an approved set of law firms they are content to work with, but in recent 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.

Banks point to the increase in fraud as the reason for the pruning – criteria have been narrowed as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms 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 sway in the decision.

I am the registered owner of a freehold property in Droylsden but still charged rent, why is this and what is this?

It is rare for properties in Droylsden and has limited impact for conveyancing in Droylsden 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.

Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.

Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a simple, no chain conveyancing. Droylsden is the location of the property. Can you offer any advice?

Flying freeholds in Droylsden are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Droylsden you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Droylsden may decide 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.

What are the frequently found defects that you witness in leases for Droylsden properties?

Leasehold conveyancing in Droylsden is not unique. All leases are unique and drafting errors can sometimes mean that certain provisions are wrong. The following missing provisions could result in a defective lease:

A provision for the recovery of money spent for the benefit of another party. Repairing obligations to or maintain parts of the property

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Norwich and Peterborough Building Society, and Aldermore all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to provide security, obliging the purchaser to withdraw.

Leasehold Conveyancing in Droylsden - Examples of Questions you should consider before buying

For many Droylsden leaseholds the cost for major works tend not to be included within service charges, albeit that a few managing agents in Droylsden require leasehold owners to contribute towards a reserve fund and this is used to offset against major repairs or maintenance. Who takes responsibility for maintaining and repairing the building? You should want to find out as much as you can regarding the managing agents as they will affect your use and enjoyment of the property. As the proprietor of a leasehold property you are often in the clutches of the managing agents both financially and when it comes to practical matters like the upkeep of the communal areas. Enquire of other people what they think of their management. On a final note, investigate as to the dates that you are obliged pay the maintenance charge to the appropriate party and specifically how they are spending the funds.

My wife and I accepted an offer on a Droylsden apartment left to us six years ago in 2009. I have over ten years conveyancing experience and, now retired, wish to carry out the legal work. The buyer's conveyancing practitioner has informed me that their bank will not allow us to do our own conveyancing mandating that the funds to be transferred to a solicitor's bank account.

Mortgage instructions to conveyancers from all mainstream lenders state that If the seller does not have legal representation the purchaser’s lawyers should check whether the bank needs to be informed so that a decision can be reached if they are prepared to progress.