I am progressing with the sale of my apartment in Nafferton and the EA has just e-mailed to say that the buyers are switching conveyancer. The excuse is that the mortgage company will only deal with solicitors on their conveyancing panel. On what basis would a major lender only deal with specific law firms rather the firm that they want to select for their conveyancing in Nafferton ?

Banks have always had panels of law firms they are content to work with, but in the past few years big names such as Lloyds Banking Group, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.

Lending institutions point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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. The buyers are unlikely to have any sway in the decision.

I opted to have a survey carried out on a house in Nafferton ahead of retaining solicitors. I have been informed that there is a flying freehold element to the property. My surveyor has said that some lenders will refuse to give a loan on a flying freehold house.

It depends who your proposed lender is. Bank of Scotland has different instructions from Nationwide. If you call us we can check via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Nafferton. Conveyancing may be slightly more expensive based on your lender's requirements.

Am I best advised to choose a Nafferton conveyancing practitioner who is local to the property I am buying? I have an old university friend who can handle the conveyancing however his firm is located 300kilometers drive away.

The primary upside of using a high street Nafferton conveyancing firm is that you can attend the office to sign paperwork, hand in your identification documents and pester them where appropriate. They will also have local intelligence which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have instructed your friend and the majority were content that must trump using an unfamiliar Nafferton conveyancing solicitor just because they are Nafferton based.

I am tempted by the attractive purchase price for a couple of apartments in Nafferton both have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

A lease is a right to use the premises for a prescribed time frame. As the lease shortens the value of the lease reduces and it becomes more costly to extend the lease. For this reason it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.

Leasehold Conveyancing in Nafferton - A selection of Questions you should consider Prior to Purchasing

Its a good idea to find out as much as possible about the managing agents as they will either make life much easier or uncomfortable. Being a leasehold owner you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the upkeep of the communal areas. Don't be afraid to ask other tenants whether they are happy with them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the appropriate party and specifically what you get for your money. How many of the leaseholders are in arrears for their service charge payments? Does the lease have onerous restrictions?

Me and my fiance are soon to exchange buying a property in Nafferton but as a result of damage from the recent storms I have negotiated compensation from the owner of four thousand pounds in the form of a adjustment in the price. This was going to be dealt with as part of the conveyancing process but my bank will not agree to this. Why were they informed?

Any conveyancer being on the mortgage company conveyancing panel is required to inform the bank of any changes to the sale price. In the event that you were to refuse your property lawyer to report the reduction to your bank then they would need to disinstructing themselves from acting for you and the lender.