My fiance and I are planning to purchase a flat in Rendlesham and are in fact using a Rendlesham conveyancing firm. Within the last couple of days our lawyer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Norwich and Peterborough Building Society have this evening contacted us to advise us that there is now an issue as our Rendlesham lawyer is not on their conveyancing panel. What do we do from here?

When purchasing a property with mortgage finance it is standard for the purchasers' solicitors to also represent 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 Quality Scheme. Your solicitor should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel and you may continue to use your own Rendlesham solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.

My husband and I are getting closer to an exchange on a property in Rendlesham and my parents have sent the ten percent deposit to my conveyancing practitioner. I am now advised that as the deposit has not come from me my conveyancing practitioner needs to disclose this to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is not just from me. I advised the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for this now to be an issue?

Your lawyer is obliged to check with lender to ensure that they understand that the balance of the purchase price is not from your own resources. The solicitor can only reveal this to your bank if you agree, failing which, your lawyer must cease to continue acting.

I am buying a new build house in Rendlesham with a loan from Coventry Building Society. The builders refused to reduce the price so I negotiated 6k of extras instead. The house builders rep advised me not reveal to my solicitor about this side-deal as it could jeopardize my loan with Coventry Building Society. Is this normal?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I am looking for a leasehold apartment up to £305k and identified one near me in Rendlesham I like with open areas and transport links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Rendlesham suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?

Should you require a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you could request that they commence the lease extension formalities and pass 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 solicitor regarding this.

What makes a Rendlesham lease problematic?

There is nothing unique about leasehold conveyancing in Rendlesham. All leases are drafted differently and drafting errors can result in certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:

Service charge per centages that don't add up correctly leaving a shortfall Repairing obligations to or maintain parts of the premises

A defective lease will likely cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Skipton Building Society, and Nottingham Building Society all have express requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to grant the mortgage, obliging the purchaser to withdraw.

Rendlesham Conveyancing for Leasehold Flats - Sample of Queries before buying

Does the lease include onerous restrictions? Be sure to investigate if the the lease includes any adverse restrictions in the lease. For example it is very common in Rendlesham leases that pets are not allowed in certain buildings in Rendlesham. If you like the propertyin Rendlesham yet your cat is not allowed to make the move with you then you will be faced difficult compromise. Is anyone aware of any major works in the near future that could increase the maintenance costs?