I am selling my home in Gamlingay and the EA has just e-mailed to advise that the buyers are switching conveyancer. The reason given is that the lender will only engage with solicitors on their conveyancing panel. Why would a big named lender only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Gamlingay ?

Banks have always had an approved set of law firms they are content to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.

Mortgage companies point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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.

The Gamlingay conveyancing firm handling our Gamlingay conveyancing has uncovered a difference between the surveyor’s assumptions in the home valuation survey and what is revealed within the legal papers for the property. My lawyer informs me that he must check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s approach legitimate?

Your must comply with the UK Finance Lenders’ Handbook specifications 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 both parties.

How does conveyancing in Gamlingay differ for new build properties?

Most buyers of new build premises in Gamlingay approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is built. This is because house builders in Gamlingay typically purchase the land, 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 conveyancers 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 accustomed to new build conveyancing in Gamlingay or who has acted in the same development.

How straightforward is it to use your search tool to get a costs illustration from a conveyancing lawyer in Gamlingay on the panel for my mortgage?

Step one is to pick a lender such as , or then choose your preferred area a common one being Gamlingay. Conveyancing firms in Gamlingay and further afield will then be listed.

I own a 1 bedroom flat in Gamlingay, conveyancing was carried out 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Gamlingay with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 50

You have 50 years unexpired we estimate the premium for your lease extension to span between £36,100 and £41,800 plus plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.