My husband and I are looking to buy a property in Marchington and are in fact using a Marchington conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Yorkshire Building Society have this morning contacted us to advise us that they have now hit a problem as our Marchington conveyancer is not on their approved list of lawyers. Is this a problem?

When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for the purchaser's lender. 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 lender 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 are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Marchington solicitors, in which case your legal fees may increase, and it may delay matters as you are adding another lawyer into the mix.

We are looking to buy a property and need a conveyancing solicitor in Marchington who is on the HSBC solicitor panel. Could you point me in the right direction as regards a conveyancing firm?

Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for HSBC . We don't recommend any particular firms conducting conveyancing in Marchington.

I require quick conveyancing in Marchington as I have pressure to complete inside one month. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?

As you are not obtaining a home loan you have the choice not to do searches although no conveyancer would recommend that you don't. With lots of history conveyancing in Marchington the following are examples of what can arise and adversely impact future mortgageability: Enforcement Notices, Overdue Charges, Outstanding Grants, Railway Schemes,...

Due to the guidance of my in-laws I had a survey completed on a property in Marchington prior to appointing conveyancers. I have been told that there is a flying freehold element to the house. My surveyor advised that some mortgage companies will not issue a loan on a flying freehold premises.

It varies from the lender to lender. Santander has different instructions from Halifax. If you e-mail us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Marchington. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Marchington to see if the conveyancing will be more expensive.

I am looking at a two flats in Marchington which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Marchington is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. 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 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 Marchington 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.

Marchington Leasehold Conveyancing - Examples of Queries Prior to buying

It would be sensible to find out as much as you can about the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often at the mercy of the managing agents from a financial perspective and when it comes to daily issues like the upkeep of the common parts. Enquire of other people what they think of their service. In conclusion, be sure you know the dates that the maintenance charges are due to the managing agents and specifically how they are spending the funds. Are there any major works in the planning that will likely increase the maintenance costs? What is the annual maintenance fee and ground rent?