I am nearing exchange of contracts for my maisonette in Salcombe and the estate agent has just called to say that the purchasers are changing their solicitor. The excuse is that the bank will only engage with property lawyers on their approved list. Why would a major mortgage company only deal with certain lawyers rather the firm that they want to choose to handle their conveyancing in Salcombe ?

Banks have always had panels 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 represented them for decades.

Lending institutions justify this action to a rise in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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. Plenty of firms 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 purchasers are not going to have any sway in the decision.

What will a local search inform me regarding the house I am purchasing in Salcombe?

Salcombe conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Xpress Legal The local search is essential in every Salcombe conveyancing purchase; that is if you don’t want any nasty surprises after you move into your new home. The search should provide information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.

Me and my brother own a 4 bedroom Georgian house in Salcombe. Conveyancing lawyer acted for me and Godiva Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?

You need to assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Salcombe and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing lawyer who completed the work.

I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Salcombe is the location of the property. Can you shed any light on this issue?

Flying freeholds in Salcombe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Salcombe you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Salcombe may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

What makes a Salcombe lease problematic?

There is nothing unique about leasehold conveyancing in Salcombe. All leases are drafted differently and legal mistakes in the legal wording can result in certain provisions are not included. 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 A provision for the recovery of money spent for the benefit of another party.

You will encounter a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, Leeds Building Society, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.

I am the registered owner of a studio flat in Salcombe, conveyancing was carried out January 2000. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Salcombe with an extended lease are worth £191,000. The ground rent is £55 per annum. The lease ends on 21st October 2078

With just 53 years unexpired we estimate the premium for your lease extension to span between £27,600 and £31,800 plus professional fees.

The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.