My fiance and I are hoping to buy a flat in Moorgate and have instructed a Moorgate conveyancing firm. Within the past 48 hours our lawyer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. TSB have this evening contacted us to inform me that there is now an issue as our Moorgate solicitor is not on their conveyancing panel. Please explain?

When purchasing a property with the benefit of a mortgage it is conventional for the purchasers' lawyers to also act for 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 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 don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Moorgate lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.

I own a freehold property in Moorgate but still charged rent, why is this and what is this?

It is rare for properties in Moorgate and has limited impact for conveyancing in Moorgate but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.

Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.

My lender has suggested solicitors on their panel based in Moorgate but I would rather choose a conveyancing lawyer in Moorgate or nearer to where I live. Can you assist?

It is by no means the case that all Moorgate conveyancing practitioners are approved and listed on all lender’s conveyancing panel. Do make the most of our find an approved solicitor tool to choose a Moorgate conveyancing solicitor on the on the bank panel.

It has been five months following my purchase conveyancing in Moorgate completed. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

Can you offer any advice when it comes to finding a Moorgate conveyancing firm to deal with our lease extension?

When appointing a solicitor for lease extension works (regardless if they are a Moorgate conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We recommend that you speak with several firms including non Moorgate conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:

How familiar is the firm with lease extension legislation?

I am the proprietor of a garden flat in Moorgate. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the sum payable for a lease extension?

Most definitely. We can put you in touch with a Moorgate conveyancing firm who can help.

An example of a Lease Extension case for a Moorgate property is 137 & 139 Haberdasher Street in December 2013. The Tribunal determines in accordance with section 48 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 that the premium for the extended lease for each Property should be £12,350.00. This case was in relation to 2 flats. The number of years remaining on the existing lease(s) was 72.39 years.