I am nearing exchange of contracts for my home in Prescot and the estate agent has just telephoned to say that the buyers are swapping conveyancer. The reason given is that the mortgage company will only deal with property lawyers on their approved list. Why would a leading lender only deal with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Prescot ?

Lenders have always had an approved set of law firms they are content to work with, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.

Mortgage companies point to the increase in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some are unaware that 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 not going to have any sway in the decision.

We are planning to acquire a flat and need a conveyancing solicitor in Prescot who is on the approved panel. Can you recommend a local solicitor?

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

Should my solicitor be raising enquiries concerning flooding during the conveyancing in Prescot.

Flooding is a growing risk for solicitors carrying out conveyancing in Prescot. Some people will acquire a house in Prescot, completely aware that at some time, it may be flooded. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.

Lawyers are not best placed to give advice on flood risk, but there are a various checks that may be undertaken by the purchaser or by their lawyers which will figure out the risks in Prescot. The conventional set of completed inquiry forms supplied to a buyer’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to find out whether the premises has ever been flooded. In the event that the premises has been flooded in past and is not notified by the seller, then a buyer could issue a legal claim for losses stemming from an misleading response. A buyer’s solicitors may also conduct an enviro report. This will indicate if there is any known flood risk. If so, additional investigations should be initiated.

I have been on the look out for a ground for flat up to £305k and identified one round the corner in Prescot I like with open areas and railway links nearby, however it's only got 49 years unexpired on the lease. There is not much else in Prescot for this price, so just wondered if I would be making a grave error purchasing a short lease?

If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.

I've found a house that seems to tick a lot of boxes, at a reasonable figure which is making it more attractive. I have subsequently found out that the title is leasehold rather than freehold. I am assuming that there are particular concerns purchasing a leasehold house in Prescot. Conveyancing lawyers have not yet been instructed. Will they explain the issues?

Most houses in Prescot are freehold and not leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Prescot so you should seriously consider shopping around for a Prescot conveyancing practitioner and check that they are used to dealing with leasehold houses. First you will need to check the number of years remaining. As a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.

Prescot Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying

In the main the outlay for major works tend not to be incorporated into the service charges, although some managing agents in Prescot ask tenants to pay into a reserve fund created for the specific purpose of establishing a fund for major repairs or maintenance. The prefered form of lease structure is if the freehold title is in the ownership of the leaseholders. In this scenario the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is usually retained if the building is bigger than a house conversion, the managing agent retained by the leaseholders. Who manages the building?