All was ready to complete my purchase in Lostwithiel next Thursday. My property lawyer now wants me to supply her with evidence of content and building insurance for the property as he says that he has to check this in his capacity as lawyer for the lender. What does the insurance need to cover?

All property lawyers on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook instructions. These obligations are not limited to conveyancing in Lostwithiel.

The Lostwithiel conveyancing lawyers that I appointed last week on my purchase in Lostwithiel have without warning closed. They were on acting for me because I needed a lawyer on the Santander conveyancing panel and my family Lostwithiel lawyer was not. I paid them 275 plus VAT on account. What should be my next steps?

If you have an estate agent involved then let them know straight away so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Santander conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to assist.

I am looking for a ground for flat up to £195,000 and found one near me in Lostwithiel I like with open areas and railway links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Lostwithiel for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?

Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.

I own a leasehold flat in Lostwithiel. Conveyancing and Barclays mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing practitioner in Lostwithiel who acted for me is not around. Do I pay?

The first thing you should do is contact HMLR to make sure that this person is in fact the registered owner of the freehold reversion. It is not necessary to incur the fees of a Lostwithiel conveyancing firm to do this as you can do this on the Land Registry website for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I own a 1st floor flat in Lostwithiel, conveyancing was carried out March 1998. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Lostwithiel with an extended lease are worth £211,000. The ground rent is £50 invoiced annually. The lease finishes on 21st October 2093

With 68 years left to run the likely cost is going to be between £9,500 and £11,000 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.

My brother-in-law has suggested I instruct a conveyancing solicitor in Lostwithiel. I I would like to check if they are on the lender's approved list of lawyers. Could you assist?

You should contact your conveyancer to check if they are on the lender's panel. If that does not help call us and we can investigate and revert. If they are not on the conveyancing panel we can certainly arrange a reputable conveyancing solicitor in Lostwithiel on the panel for your mortgage company.