My husband and I are intending to buy a 2 bedroom flat in Oldbury with a mortgage. We have a Oldbury solicitor, but the bank says she’s not on their "panel". It appears that we have little option but to instruct one of the lender panel firms or continue with our Oldbury property lawyer as well as pay for one of their panel ones to represent them. We regard this is unjust; is there anything we can do?

Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Oldbury conveyancing lawyer to apply to be on the conveyancing panel.

How do I investigate if the solicitor carrying out my conveyancing in Oldbury is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Bank of Ireland thus paying £192.00 in supplemental legal invoice.

You should make the most of the find a conveyancing panel solicitor tool on this site. Please choose the mortgage company and type ‘Oldbury’ or your preferred area and you will discover numerous conveyancers located in Oldbury or nearest you.

Will my conveyancer be raising questions concerning flooding as part of the conveyancing in Oldbury.

The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Oldbury. There are those who acquire a property in Oldbury, completely expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.

Lawyers are not best placed to impart advice on flood risk, but there are a various checks that can be initiated by the buyer or by their lawyers which can give them a better understanding of the risks in Oldbury. The standard completed inquiry forms sent to a purchaser’s solicitor (where the Conveyancing Protocol is adopted) contains a standard question of the seller to find out whether the property has suffered from flooding. In the event that flooding has previously occurred which is not disclosed by the vendor, then a buyer could bring a claim for damages resulting from an inaccurate reply. A buyer’s lawyers should also conduct an environmental search. This should disclose if there is any known flood risk. If so, additional inquiries should be made.

In what way can the Landlord & Tenant Act 1954 affect my business premises in Oldbury and how can you help?

The 1954 Act gives protection to commercial leaseholders, granting the right to apply to court for a new lease and remain in occupation when the lease comes to an end. There are limited grounds where a landlord can refuse a lease renewal and the rules are complex. We are happy to direct you to commercial conveyancing firms who use the act for protection and handle your commercial conveyancing in Oldbury

I own a leasehold flat in Oldbury. Conveyancing was completed in 21012. I have been told that I mustn’t allow the lease length get too short. Why is that a problem?

Oldbury leasehold properties are for a set term - usually just under one hundred years when they commenced. However a significant appartments in Oldbury were constructed or converted 20 or more years ago and so these leases now have fewer than 80 years left to run. That may sound like plenty of time but Banks, Building Societies and other mortgage institutions generally need leases to have at least seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are getting close to seventy five years. To increase the saleability of your property you should be thinking about whether or not to extend your lease well in advance of selling the property. Furthermore significant benefits to doing so before the lease reaches even 80 years as when the lease falls below 80 years the premium you have to pay to extend starts to increase.