I am progressing with the sale of my flat in Magor and the EA has just e-mailed to say that the buyers are swapping property lawyer. The reason given is that the bank will only engage with solicitors on their conveyancing panel. Why would a big named lender only deal with specific law firms rather the firm that they want to appoint for their conveyancing in Magor ?

Mortgage companies have always had panels of law firms that can act for them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.

Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to oversee. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your buyers are not going to have any sway in the decision.

is it true that all Magor solicitor firms on the UBS conveyancing panel are overseen by the SRA?

As solicitors, in order to be on the UBS approved list of solicitors they would need to be regulated by the Solicitors Regulatory Authority. The majority of lenders do permit licenced conveyancers on their panel in which case such firms would be overseen by the Council of Licensed Conveyancers.

Two weeks ago we had a mortgage agreed in principle with Yorkshire BS. Magor conveyancing practitioners have been selected. What is the average time that one could expect to receive a mortgage offer from Yorkshire BS?

There is no definitive answer here. Have Yorkshire BS conducted the valuation? Have you advised Yorkshire BS as to your lawyers' details and checked that your lawyers are on the Yorkshire BS conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.

The mortgage over my property is with Co-operative for my property in Magor. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Co-operative?

Your original mortgage agreement with Co-operative will provide that you need their approval prior to renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel lawyer.

I purchased a renovated Georgian house in Magor. Conveyancing solicitor acted for me and Nottingham Building Society. I did a free Land Registry search last week and there are two entries: the first freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?

You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Magor and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with the conveyancing lawyer who conducted the conveyancing.

I am using a search engine for the words cheap conveyancing in Magor it brings up numerous property lawyersin the area. With so much choice what is the best way to find the suitable conveyancing solicitor for my move?

The best way of finding a suitable conveyancer is via personal recommendation, so enquire of colleagues and family who have acquired a property in Magor or a respected estate agent or financial adviser. Costs for conveyancing in Magor differ, so it's advisable to secure a minimum of four costs illustrations from varying types of solicitors. Dont forget to clarify what costs in the quote includes.

My wife and I purchased a leasehold house in Magor. Conveyancing and Nottingham Building Society mortgage went though with no issue. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1991. The conveyancing practitioner in Magor who acted for me is not around. Any advice?

First contact the Land Registry to make sure that this person is in fact the new freeholder. You do not need to incur the fees of a Magor conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.

I own a ground floor flat in Magor, conveyancing was carried out in 2008. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Magor with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 per annum. The lease ceases on 21st October 2075

You have 50 years remaining on your lease the likely cost is going to range between £31,400 and £36,200 plus legals.

The figure above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.