I am 4 weeks into the sale of my apartment in Woolavington and the estate agent has just e-mailed to warn that the purchasers are switching property lawyer. The reason given is that the lender will only deal with property lawyers on their conveyancing panel. Why would a major lender only work with specific law firms rather the firm that they want to appoint to handle their conveyancing in Woolavington ?

UK lenders have always had an approved set of law firms they are willing to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.

Lending institutions point to the increase in fraud as the reason for the cull – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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. The purchasers are not going to have any sway in the decision.

How does conveyancing in Woolavington differ for new build properties?

Most buyers of new build premises in Woolavington come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is completed. This is because new home sellers in Woolavington typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Woolavington or who has acted in the same development.

We are 18 days into a freehold purchase having been directed to a firm by the local agent to do our conveyancing in Woolavington. I am not happy. Can you help me find new conveyancers?

They would need to be very bad to suggest replacing them. Has the mortgage been issued? If so you will need to advise them of the new contact details and ensure the mortgage documents are issued to the new lawyers. The conveyancer needs to be on the banks approved list to avoid supplemental expenses and delays. That should be your first question of the new conveyancers. Our find a solicitor tool will help you find a bank approved conveyancer for your conveyancing in Woolavington

I am tempted by the attractive purchase price for a two maisonettes in Woolavington which have in the region of forty five years unexpired on the leases. Do I need to be concerned?

There are plenty of short leases in Woolavington. The lease is a right to use the property for a period of time. As a lease shortens the saleability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is advisable to extend the lease term. Sometimes it is difficult to sell a property with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.

I invested in buying a 1 bedroom flat in Woolavington, conveyancing formalities finalised July 2009. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Woolavington with over 90 years remaining are worth £180,000. The ground rent is £65 levied per year. The lease runs out on 21st October 2084

You have 58 years remaining on your lease we estimate the price of your lease extension to be between £22,800 and £26,400 as well as professional fees.

The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be other 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 without first getting professional advice.

I dont have enough spare money to pay a 10% deposit on my apartment purchase in Woolavington , but I still want to go ahead. What can I do?

You can accept a smaller deposit. Many vendors will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.

You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second