I am nearing exchange of contracts for my house in Stockton Heath and the EA has just called to advise that the buyers are changing their conveyancer. I am told that this is due to the fact that the mortgage company will only engage with solicitors on their conveyancing panel. Why would a major lender only deal with certain lawyers rather the firm that they want to appoint for their conveyancing in Stockton Heath ?

Banks have always had an approved set of law firms they are willing to work with, but in the past few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.

Mortgage companies blame a rise in fraud as the reason for the pruning – criteria have been tightened 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 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 unlikely to have any sway in the decision.

Is there a reason why leasehold purchase conveyancing in Stockton Heath is more expensive?

In summary, leasehold conveyancing in Stockton Heath and elsewhere usually involve more hours of investigation compared to freehold conveyancing. This includes lease investigation, communicating with the landlord about the service of appropriate notices, procuring current service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.

What will a local search tell me about the property my wife and I buying in Stockton Heath?

Stockton Heath conveyancing often starts with the applying for local authority searches directly from your local Authority or through a personal search organisations for example Onsearch The local search plays a central part in many a Stockton Heath conveyancing purchase; as long as you wish to avoid any unpleasant once you have moved into your new home. The search should reveal data on, amongst other things, details on planning applications applicable to the premises (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 subject sections.

I have been pointed in your direction by three or four local property agents in Stockton Heath to choose a property lawyer using your seach tool. What’s the financial upside for Estate Agents to promote your services over and above another?

We don’t offer any commission for directing people to this site. We found it would be just too difficult to pay a commission because a client could think, ‘How come the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.

I am tempted by the attractive purchase price for a couple of maisonettes in Stockton Heath both have in the region of 50 years unexpired on the lease term. should I be concerned?

There are plenty of short leases in Stockton Heath. The lease is a legal document that entitles you to use the premises for a period of time. As the lease shortens the value of the lease deteriorates and it becomes more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease extension can be a protracted process. We recommend you get professional assistance from a conveyancer and surveyor with experience in this arena.

I acquired a 1 bedroom flat in Stockton Heath, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Stockton Heath with a long lease are worth £181,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2076

With only 50 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.