Me and my wife are buying a leasehold flat in Derbyshire. My property lawyer is not on the bank conveyancing panel. Is it possible for me to continue with my Derbyshire conveyancing solicitor even though they are excluded from the bank approved list?

You will need to have a property lawyer to deal with the formalities if you take out a loan to purchase your property. The conveyancing practitioner will conduct all the relevant investigations on the property, ensuring that you’re properly registered as the owner and ensure that all the required mortgage paperwork is in place. One can select a Derbyshire property lawyer of your choice. Nevertheless, if the conveyancer selected is not a member of the lender conveyancing panel further costs will be levied as separate legal representation will be need by the mortgage company. Bank panel applications may be submitted, so provided your conveyancer has not in the past applied for membership they should do so.

I decided to have a survey completed on a property in Derbyshire prior to instructing conveyancers. I have been informed that there is a flying freehold element to the house. My surveyor advised that some lenders may refuse to issue a loan on such a house.

It depends who your proposed lender is. HSBC has different instructions for example to Birmingham Midshires. Should you wish to call us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Derbyshire. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Derbyshire to see if the conveyancing will be more expensive.

Should I be wary that estate agents that I am dealing with are recommending an internet conveyancing firm as opposed to a High Street Derbyshire conveyancing company?

As with lots of professional services, often suggestions from family and friends can be worth their weight in gold. Nevertheless there are many players in a conveyancing transaction; estate agents, mortgage brokers and lenders might all suggest solicitors to retain. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there behind the scenes financial incentive behind the endorsement. You have the discretion to appoint your own conveyancer. Don't forget that some banks specify a panel list of solicitors you are obliged to use for the lender aspect of your home move.

I am looking at a two flats in Derbyshire which have in the region of forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Derbyshire. The lease is a legal document that entitles you to use the premises for a period of time. As a lease gets shorter the value of the lease decreases and it becomes more costly to acquire a lease extension. For this reason it is advisable to extend the lease term. It is often difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We recommend you get professional assistance from a solicitor and surveyor with experience in this arena.

Leasehold Conveyancing in Derbyshire - A selection of Questions you should ask before buying

Best to be warned whether redecorating or some other major work is due in the foreseeable future to be shared between the leaseholders and could well dramatically impact the level of the service costs or result in a specific payment. Please tell me if there are any major works on the horizon that could add a premium to the service costs? Please note that where the lease has no more than eighty years it will impact the marketability of the apartment. It is worth checking with your bank that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely require a lease extension sooner rather than later and you need to have some idea of what this will be. Remember, in most cases you will be required to have been the owner of the property for two years in order to be entitled to extend the lease.

I note that you have a post code search directory listing firms on the mortgage company conveyancing panel. Do Derbyshire conveyancing companies pay you a commission if I instruct them for my house purchase?

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