I am progressing with the sale of my apartment in Maxton and the EA has just called to warn that the purchasers are appointing a new conveyancer. The excuse is that the bank will only deal with property lawyers on their approved list. On what basis would a big named mortgage company only engage with certain law firms rather the firm that they want to appoint for their conveyancing in Maxton ?

Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.

Lenders point to the increase in fraud as the reason for the pruning – criteria have been tightened 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 says it is hearing daily from firms 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 unlikely to have any impact on this.

I require fast conveyancing in Maxton as I am faced with pressure to sign on the dotted line inside 3 weeks. Fortunately I do not need a mortgage. Is it possible to decline from having conveyancing searches to save fees and time?

If.Given you are not obtaining a mortgage you are at liberty not to do searches although no solicitor would recommend that you don't. Drawing on our experience of conveyancing in Maxton the following are examples of what can arise and therefore affect future mortgageability: Refused Planning Applications, Outstanding Fees, Overdue Grants, Railway Schemes,...

I have been on the look out for a flat up to £245,000 and identified one near me in Maxton I like with a park and railway links nearby, however it's only got 49 years on the lease. I can't really find anything else in Maxton in this price bracket, so just wondered if I would be making a mistake acquiring a lease with such few years left?

If you require a home loan the shortness of the lease may be a potential deal breaker. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.

I am tempted by the attractive purchase price for a couple of maisonettes in Maxton both have in the region of fifty years left on the leases. Will this present a problem?

A lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease decreases and results in it becoming more expensive to extend the lease. For this reason it is generally wise to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease as mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area.

Leasehold Conveyancing in Maxton - Sample of Queries Prior to buying

The majority of Maxton leasehold flats will incur a service bill for maintenance of the building levied by the management company. If you acquire the property you will have to pay this amount, usually periodically accross the year. This may be anything from a few hundred pounds to thousands of pounds for bigger purpose-built blocks. In all likelihood there will be a ground rent to be met yearly, normally this is not a exorbitant sum, say about £50-£100 but you should to check it because occasionally it can be many hundreds of pounds. Where a Maxton lease has fewer than 80 years it will have adverse implications on the marketability of the apartment. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. A short lease means that you will most likely need a lease extension at some point and it is worth finding out how much this will be. For most Maxtonlease extensions you will need to own the premises for two years before you are eligible to exercise a lease extension. What prohibitions are contained in the Maxton Lease?

I am due to consider quotes for conveyancing in Maxton from various property lawyer and decide on one. Should I ask them to sit tight until I a suitable flat to buy.

You should wait to ask your conveyancing practitioner to open a file and order searches once the sales confirmation has been sent by the selling agent particularly as Maxton conveyancing searches are a couple of hundred pounds.