My fiance and I are looking to purchase a flat in Drybrook and have instructed a Drybrook conveyancing practice. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with a view to exchanging next week. Leeds Building Society have this morning contacted us to advise us that they have now hit a problem as our Drybrook lawyer is not on their approved list of lawyers. Is this a problem?

When purchasing a property with the benefit of a mortgage it is usual for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Drybrook lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.

Our Drybrook lawyer has identified a discrepancy when comparing the information in the home valuation report and what is in the legal papers for the property. My lawyer has advised that he needs to ensure that the lender is OK with this discrepancy and is still content to lend. Is my lawyer’s course or action appropriate?

Your solicitor must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.

Are the Drybrook conveyancing solicitors identified as being on the Virgin Money conveyancing panel, together with their details provided by Virgin Money?

Drybrook conveyancing firms themselves provide us confirmation that they are on the Virgin Money conveyancing panel as opposed to being supplied with a list from Virgin Money directly.

I have just over seventy years remaining on my lease and require a lease extension for my flat in Drybrook. Conveyancing solicitors on the Platform panel can deal with such extensions right?

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Platform have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 27/4/2021 the requirements read as follows :

Last November I purchased a leasehold property in Drybrook. Am I liable to pay service charges relating to a period prior to my ownership?

Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Drybrook Leasehold Conveyancing - Sample of Questions you should ask Prior to buying

Where a Drybrook lease has less than 80 years it will affect the salability of the flat. Check with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with less than 80 years remaining means that you will probably need a lease extension at some point and it is worth finding out how much this will be. For most Drybrooklease extensions you would be required to have been the owner of the premises for a couple of years before you are eligible to extend the lease. Is there a share of the freehold? This information is useful as a) areas may result in problems for the block as the common areas may start to deteriorate where services remain unpaid b) if the leaseholders have an issue with the running of the building you will want to have all the details