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Find a Launceston Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Launceston? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Launceston transaction at risk of delay or failure.

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Recently asked questions about conveyancing in Launceston

We are buying a 1 bedroom flat in Launceston with a mortgage. We like our Launceston solicitor, however the mortgage company says he's not on their "panel". It seems we have little choice but to instruct one of the bank panel conveyancing practices or keep our Launceston property lawyer and pay for one of their panel ones to act for them. This seems very unfair; can we not insist that the mortgage company use our Launceston lawyer ?

No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose 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. A further alternative is for your Launceston conveyancing solicitor to apply to be on the conveyancing panel.

Last month we had a mortgage agreed in principle with Yorkshire BS. Launceston conveyancing lawyers were instructed. How long does it take for Yorkshire BS to send the offer to the lawyer?

There is no definitive answer here. Have Yorkshire BS done the valuation? Have you informed Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.

I am due to exchange contracts on my house. I had a double glazing fitted in July 2010, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Lloyds are being a right pain. The Launceston solicitor who is on the Lloyds conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Lloyds are requiring a building regulation certificate. Why do Lloyds have a conveyancing panel if they don't accept advice from them?

It is probably the case that Lloyds have referred the matter to their valuer. The reason why Lloyds may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.

I had an offer accepted on a property in Launceston on 5/12/2022, valuation was booked five days after, all came back fine. Property lawyer instructed, so all that was missing was my mortgage offer. Having made daily calls to Leeds Building Society and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Leeds Building Society conveyancing panel. Can the lender hold off the offer?

Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Leeds Building Society to deal with your lawyer's application to be on the Leeds Building Society conveyancing panel. There's no guarantee that your solicitor will be accepted.

Should commercial conveyancing searches disclose proposed roadworks that could affect a commercial premises in Launceston?

Many commercial conveyancing solicitors in Launceston will execute a SiteSolutions Highways report as it reduces the time that conveyancers invest in researching accurate data on highways that impact buildings and development assets in Launceston. The search result sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Launceston.

For every commercial conveyancing transaction in Launceston it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately can result in delays to Launceston commercial conveyancing transactions as well as present a risk to future plans for the site. These searches are not carried out for residential conveyancing in Launceston.

It has been 4 months following my purchase conveyancing in Launceston completed. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

I am attracted to a couple of maisonettes in Launceston which have in the region of forty five years remaining on the lease term. should I be concerned?

There is no doubt about it. A leasehold flat in Launceston is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat 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 Launceston 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new 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 purchased a leasehold flat in Launceston, conveyancing formalities finalised in 2008. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Launceston with over 90 years remaining are worth £179,000. The ground rent is £65 yearly. The lease runs out on 21st October 2080

With just 57 years remaining on your lease we estimate the price of your lease extension to range between £26,600 and £30,800 plus costs.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.

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