Unfortunately I am unable to travel far from Gainsborough. Can you please explain the reason why all Gainsborough conveyancers aren't automatically on all lender panels?

Banks normally impose restrictions on either the type or volume of conveyancing solicitors on their approved list of lawyers. A common example of such criteria being that the practice needs to have two or more partners. In addition to restricting the structure of firm, some banks such as HSBC made a decision to restrict the number of practices they use to act for them. You should note that building societies have no liability for the quality of conveyancing supplied by any Gainsborough property lawyer on their panel. Property fraud was the primary trigger for the reduction of conveyancing panels in the last decade even though there are opposing thoughts concerning the extent of solicitor involvement in some of that fraud. Data via HM Land Registry indicates that thousands of law organisations only carry out one or two conveyances a year. Those supporting conveyancing panel consolidation ask why law firms should have the right to be listed on a conveyancing panel when clearly property law is not their primary expertise?

I am considering applying for a TSB mortgage for purchase of a newly converted (under development) in Gainsborough with 60% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for TSB ?

In theory, you could use a solicitor that is not on the TSB conveyancing panel, but TSB would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.

How easy is it to use your search tool to get a costs illustration from a conveyancing practitioner in Gainsborough on the panel for my bank?

First select a mortgage company such as Accord Mortgages Ltd, The Royal Bank of Scotland or Nottingham Building Society then choose your location such as Gainsborough. Conveyancing practices in Gainsborough and nationally will then be listed.

My husband and I are novice buyers - had an offer accepted, but the agent told us that the vendor will only go ahead if we use their preferred solicitors as they are insisting on a ‘quick sale’. We would rather use a family solicitor accustomed to conveyancing in Gainsborough

It is improbable the sellers are behind this. Should the vendor require ‘a quick sale', taking such a hostile approach to a genuine buyer is is going to put the whole deal at risk. Speak to the vendors direct and make sure they comprehend that (a)you are motivated purchasers (b)you are ready to go, with mortgage lined up © you are chain free (d) you intend to proceed fast (e)but you are going to appoint your own,trusted Gainsborough conveyancing solicitors - not the ones that will earn the estate agent a commission or achieve conveyancing figures pre-set by corporate headquarters.

I am looking at a two maisonettes in Gainsborough both have about fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Gainsborough is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Gainsborough conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I inherited a 1 bedroom flat in Gainsborough, conveyancing having been completed May 1998. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Gainsborough with a long lease are worth £211,000. The average or mid-range amount of ground rent is £50 levied per year. The lease runs out on 21st October 2092

You have 68 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as legals.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.