I am not well enough to travel far from Totnes. What is the rationale as to why all Totnes solicitors aren't included on all mortgage company panels?

Pre- 2008 most lenders had an approach to risk which is different from today. The FSA in 2010 instigated a thematic review into property fraud which concluded: know the solicitors on your panel. Consequently, mortgage companies have since requiredmore data from law firms about their operations and the individuals who work for them and set certain criteria such as completing a minimum amount of transactions. Thousands of firms have been excluded from lender panels even though they had an exemplary track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum amount of transactions the mortgage companies set.

We were just about to sign contracts for a ground floor flat in Totnes. We encountered a stumbling block. The mortgage offer with Leeds Building Society runs out on 25/5/2023 but the sellers are suggesting a completion date of 30/5/2023. Can one prolong the loan expiry date?

The best person to deal with your concern is your conveyancer who is in a position to assess if they corresponding with the mortgage broker, owner’s conveyancers, property agents or possibly all three given the circumstances your conveyancing as of today.

It is a dozen years since I purchased my home in Totnes. Conveyancing lawyers have now been instructed on the sale but I am unable to track down my deeds. Will this jeopardise the sale?

Don’t worry too much. Firstly the deeds may be kept by the lender or they could be in the possession of the lawyers who acted in the purchase. Secondly the likelihood is that the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers procuring up to date copy of the land registers. Most conveyancing in Totnes involves registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.

I am considering applying for a Barclays mortgage for purchase of a newly converted (under development) in Totnes with 65 per cent loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Barclays ?

There is nothing to stop you using your solicitor, but Barclays will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with two solicitors involved, and it will undoubtedly be more expensive too.

I am employed by a busy estate agency in Totnes where we have witnessed a few flat sales jeopardised due to short leases. I have received contradictory information from local Totnes conveyancing solicitors. Please can you confirm whether the vendor of a flat can commence the lease extension formalities for the buyer?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.

Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

I invested in buying a garden flat in Totnes, conveyancing formalities finalised July 2012. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Totnes with a long lease are worth £201,000. The ground rent is £45 levied per year. The lease ends on 21st October 2087

With just 64 years left to run the likely cost is going to be between £14,300 and £16,400 as well as costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.