My wife and I are looking to purchase a property in Lixwm and are in fact using a Lixwm conveyancing firm. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through with a view to exchanging next week. Nottingham Building Society have this morning contacted us to inform me that there is now an issue as our Lixwm solicitor is not on their conveyancing panel. What do we do from here?

If you are buying a property with the assistance of a mortgage it is standard for the purchasers' lawyers 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 solicitors to act. You don't have to instruct a firm on the bank's conveyancing panel as you are at liberty to use your preferred Lixwm lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.

As a novice what is the most important advice you can impart about purchase conveyancing in Lixwm?

You may not hear this from too many lawyers but conveyancing in Lixwm and elsewhere in England and Wales is often a confrontational experience. Put another way, when it comes to conveyancing there exists an abundance of room for friction between you and others involved in the transaction. For instance, the vendor, property agent and sometimes a bank. Selecting a law firm for your conveyancing in Lixwm is a critical decision as your conveyancer is your adviser, and is the ONE person in the legal process whose responsibility is to act in your legal interests and to keep you safe.

Every so often a third party with a vested interest may attempt to convince you that it is in your interests to do things their way. For instance, the property agent may claim to be assisting by claiming that your lawyer is slow. Or your financial adviser may tell you to do take action that is against your lawyers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.

I'm buying a new build house in Lixwm benefiting from help to buy. The developers refused to reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not disclose to my solicitor about the extras as it may jeopardize my loan with the bank. Should I keep quiet?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

Due to the advice of my in-laws I had a survey completed on a property in Lixwm in advance of retaining solicitors. I have been advised that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies tend not give a loan on this type of premises.

It varies from the lender to lender. HSBC has different requirements for example to Birmingham Midshires. Should you wish to call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Lixwm. Conveyancing may be slightly more expensive based on your lender's requirements.

I am looking at a two flats in Lixwm both have in the region of 50 years unexpired on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Lixwm is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with less than eighty years become less and less attractive. 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 premises 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 a residence 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 Lixwm conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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 invested in buying a 2 bed flat in Lixwm, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Lixwm with over 90 years remaining are worth £176,000. The average or mid-range amount of ground rent is £50 yearly. The lease runs out on 21st October 2072

With 50 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 plus professional fees.

The suggested premium range 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 due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.