Do all mortgage companies provide you with an approved list of Woolacombe conveyancing solicitors? How do you know who is on the Nottingham conveyancing panel?

Woolacombe conveyancing firms themselves provide us confirmation that they are on the Nottingham conveyancing panel as opposed to being supplied with a list from Nottingham directly.

We are purchasing a purpose built apartment in Woolacombe with a loan from Barclays Direct.We would like to retain our Woolacombe conveyancing practitioner but Barclays Direct informed us her practice is not listed on their approved list of member firms. It seems we are left with little choice but to instruct a Barclays Direct panel lawyer or retain our preferred solicitor and fork out for a Barclays Direct panel lawyer to represent them. This seems very unfair; is there anything we can do?

No, not really. The home loan issued to you is subject to its various provisions, one of which will be that lawyers needs to be on the Barclays Direct approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your lawyer to apply to be on the conveyancing panel for Barclays Direct

I opted to have a survey done on a property in Woolacombe prior to retaining lawyers. I have been told that there is a flying freehold element to the house. The surveyor advised that some banks tend not issue a loan on this type of premises.

It depends who your proposed lender is. Lloyds has different requirements from Birmingham Midshires. Should you wish to call us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Woolacombe. Conveyancing will be smoother if you use a solicitor in Woolacombe especially if they are familiar with such properties in Woolacombe.

I am tempted by the attractive purchase price for a two apartments in Woolacombe both have about fifty years remaining on the leases. should I be concerned?

A lease is a right to use the property for a prescribed time frame. As the lease gets shorter the value of the lease decreases and it becomes more expensive to acquire a lease extension. For this reason it is advisable to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease extension can be a protracted process. We advise that you seek professional assistance from a conveyancer and surveyor with experience in this field.

I purchased a 2 bed flat in Woolacombe, conveyancing was carried out in 2007. Can you work out an approximate cost of a lease extension? Comparable properties in Woolacombe with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2088

With just 64 years remaining on your lease the likely cost is going to be between £14,300 and £16,400 plus professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.

My father-in-law mentioned that when selecting a conveyancing lawyer they need approved by your bank. I am novice purchaser but I have an AIP with Virgin Money and I already have a local conveyancing lawyer in Woolacombe on standby. Does Nat West Bank require an approved conveyancer to be used? If so, where do I find that list for my conveyancing in Woolacombe?

You need to choose a solicitor that is on the Nat West Bank panel. The simplest thing to do is ring your chosen Woolacombe conveyancing solicitor to check if they are on the Nat West Bank panel. If they are not on the panel you have a couple of alternatives available to you here:

• Proceed with your preferred Woolacombe property lawyer but Nat West Bank will need to use a conveyancer from their conveyancing panel. This will result in additional cost together with likely delay.
• Appoint a fresh conveyancing practitioner to act in the purchase, making sure they are on the Nat West Bank conveyancing panel.
• Convince your solicitor to do everything possible to get accepted on the Nat West Bank panel of solicitors.