My husband and I are hoping to acquire a property in Thatcham and are in fact using a Thatcham conveyancing practice. Within the last couple of days our lawyer has sent a preliminary report and documents to look through with a view to exchanging next week. Nationwide Building Society have this afternoon contacted us to inform me that there is now an issue as our Thatcham conveyancer is not on their conveyancing panel. Please explain?

If you are buying a property needing a mortgage it is standard for the purchasers' lawyers to also act for the purchaser's lender. 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 property lawyer should contact your lender 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 don't have to instruct a firm on the bank's conveyancing panel and you may continue to use your own Thatcham solicitors, in which case it will likely add costs, and it will likely delay the transaction as you have another set of people involved.

I am hoping to move into my new home in Thatcham next Thursday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?

Any lawyer on acting for lenders would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Thatcham.

We note that you have a search directory listing firms on the HSBC conveyancing panel. Do firms pay you a referral fee if I appoint them for our own conveyancing in Thatcham?

We are a listing service only for law firms wishing to communicate if they are on the HSBC conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Thatcham.

I am considering applying for a TSB mortgage for purchase of a newly converted (under development) in Thatcham with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?

There is nothing to stop you using your solicitor, but TSB will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.

I’m about to sell my ground floor apartment in Thatcham. Conveyancing has not commenced, however I have just had a half-yearly maintenance charge invoice – Do I pay up?

It best that you clear the maintenance contribution as you normally would as all rents and service invoices should be allotted as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.

I own a garden flat in Thatcham, conveyancing formalities finalised 3 years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Thatcham with over 90 years remaining are worth £211,000. The ground rent is £45 invoiced every year. The lease finishes on 21st October 2092

With 67 years unexpired we estimate the price of your lease extension to range between £10,500 and £12,000 as well as plus your own and the landlord's "reasonable" 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 investigations. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.