I am selling my maisonette in South Woodford and the estate agent has just telephoned to say that the purchasers are swapping solicitor. The reason given is that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a big named lender only work with certain law firms rather the firm that they want to appoint for their conveyancing in South Woodford ?

Mortgage companies have always had an approved set of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.

Lenders point to the increase in fraud as the reason for the reduction – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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. Your buyers are not going to have any impact on this.

The South Woodford conveyancing firm that I appointed last week on my house acquisition in South Woodford have without warning closed. They were on acting for me because I had to have a lawyer on the conveyancing panel and my previous South Woodford lawyer was not. I cut them a cheque for £250 in advance. What should be my next steps?

Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers should be in a position to assist.

Forgive me if this question is silly but I am new to the house moving as a first time purchaser of a two bedroom flat in South Woodford. Do I pick up the keys to the house on the completion date from my solicitor? If so, I will appoint a High Street conveyancing solicitor in South Woodford?

On the day of completion you do not need to attend the conveyancers office in South Woodford. Your solicitors will electronically transfer the purchase money to the seller's conveyancers, and once they have received this, you should be invited to collect the keys from the Estate Agents and move into your new home. This tends to happen between 1 and 3pm.

A friend pointed out to me me that in buying a property in South Woodford there could be a number of restrictions preventing external changes to a property. Is this right?

There are a number of properties in South Woodford which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in South Woodford should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.

It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called my South Woodford building society branch on numerous occasions and was told it wasn't a problem and they will lend. My South Woodford conveyancing solicitor - who is on the lender conveyancing panel- called and was told they refuse to lend in accordance with their specific requirements. I simply don't know who is right.

The must follow the CML Handbook Part 2 conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.

I am buying a new build flat in South Woodford. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.

Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in South Woodford

Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?

South Woodford Conveyancing for Leasehold Flats - Sample of Queries Prior to Purchasing

How many years remain on the lease? This question is helpful as a) areas may cause problems for the building as the common areas may begin to deteriorate where maintenance are not paid for b) if the leaseholders have a dispute with the running of the building you will wish to have all the details Does the lease include onerous restrictions?