Do banks and building societies provide you with an approved list of Hathern conveyancing solicitors? How do you know who is on the Coventry BS conveyancing panel?

Hathern conveyancing firms themselves provide us confirmation that they are on the Coventry BS conveyancing panel as opposed to being supplied with a list from Coventry BS directly.

We wish to acquire a newly converted apartment in Hathern with a mortgage from Nottingham Building Society.We have a Hathern conveyancing practitioner but Nottingham Building Society advised that his firm is not on their approved list of firms. It seems we have no choice but to instruct a Nottingham Building Society panel firm or retain our preferred solicitor and pay for one of their panel ones to act for them. We feel as though this is unjust; is there anything we can do?

No, not really. The loan offered to you is subject to its terms and conditions, one of which will be that conveyancers will be on the Nottingham Building Society approved list. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Nottingham Building Society

Will our conveyancer be raising questions regarding flooding as part of the conveyancing in Hathern.

The risk of flooding is if increasing concern for conveyancers dealing with homes in Hathern. There are those who purchase a property in Hathern, completely expectant that at some time, it may suffer from flooding. However, aside from the physical damage, where a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out during the course of a property purchase to forewarn the buyer.

Lawyers are not best placed to give advice on flood risk, however there are a various checks that may be initiated by the buyer or on a buyer’s behalf which can figure out the risks in Hathern. The conventional set of property information forms supplied to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a standard question of the owner to discover if the premises has ever been flooded. In the event that the residence has been flooded in past and is not notified by the vendor, then a purchaser may bring a compensation claim resulting from an misleading response. The buyer’s solicitors should also commission an enviro report. This should disclose if there is any known flood risk. If so, further inquiries will need to be initiated.

Do I need to be wary about estate agents that I am dealing with are recommending an online conveyancing firm rather than a High Street Hathern conveyancing firm?

As with lots of service providers, often referrals from family and friends can be extremely useful or valuable. Yet there are lots of people with a vested interest in a conveyancing transaction; estate agents, mortgage brokers and banks might all suggest solicitors to use. Sometimes these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes financial incentive behind the endorsement. You have the discretion to appoint your preferred conveyancer. You need to be aware that some mortgage providers operate an approved list of lawyers you have to use for the mortgage related work in your conveyancing.

I am tempted by the attractive purchase price for a couple of apartments in Hathern both have about 50 years remaining on the lease term. Will this present a problem?

There are no two ways about it. A leasehold flat in Hathern is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the premises. For most buyers and banks, leases with under 75 years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Hathern conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I invested in buying a leasehold flat in Hathern, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Hathern with an extended lease are worth £185,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2085

With only 60 years left to run the likely cost is going to span between £20,000 and £23,000 plus costs.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.