I am not in a position to travel far from Market Rasen. What is the rationale as to why all Market Rasen property lawyers are not on all mortgage company panels?

Lenders highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud every year.The elimination of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its conclusions included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. It led to mortgage companies pruning less reputable firms from their books of approved property lawyers .

We note that you have a post code search directory identifying firms on the Lloyds conveyancing panel. Do firms pay you a referral fee if I retain them for our conveyancing in Market Rasen?

We are a listing service only for law firms wishing to communicate if they are on the Lloyds conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Market Rasen.

What happens if my solicitor is suspended from the Lloyds Conveyancing panel ahead of completing my conveyancing in Market Rasen?

First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.

I happen to be the single beneficiary of my late grandmother’s estate and I have everything in my name now, including the my former home in Market Rasen. The Market Rasen property was put into my name in November. I plan to dispose of the property. I understand that there is a CML six month 'rule', which means that my property ownership may be treated the same way as though I had purchased the property in November. Will no one buy the property for half a year?

The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How sensible a view banks take of it, depend on the mortgage company as this requirement is chiefly there to capture subsales or the wholesaling and assigning of property.

My partner and I have organised the release of further monies on our home loan from Bank of Ireland as we want to carry out a loft conversion to our house in Market Rasen. Are we obliged to appoint a local Market Rasen solicitor on the Bank of Ireland conveyancing panel to deal with the paperwork?

Bank of Ireland would not normally instruct a member of their conveyancing panel to handle such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the Bank of Ireland panel.

I am buying a property in Market Rasen. An unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender UBS be concerned?

As your lender is UBS your lawyer must check the conveyancing instructions outlined in Section two of UK Finance Lenders’ Handbook for UBS. The CML Handbook contains minimum specifications for solar panel roof-space leases, and lawyers are required to report to UBS where a lease does not satisfy these provisions. The requirements relate to the installation of panels on properties in England and Wales and is not limited to Market Rasen.

Last July I purchased a leasehold flat in Market Rasen. Am I liable to pay service charges relating to a period prior to completion of my purchase?

Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

Market Rasen Leasehold Conveyancing - A selection of Queries before buying

The prefered form of lease arrangement is a share of the freehold. In this scenario the lessees benefit from control and notwithstanding that a managing agent is often employed if it is bigger than a house conversion, the managing agent employed by the leaseholders. How many years are left on the lease? Are any of leasehold owners in arrears of their service charge liability?