I am progressing with the sale of my home in Gosforth and the EA has just text me to warn that the buyers are switching law firm. The excuse is that the mortgage company will only work with property lawyers on their approved list. On what basis would a leading mortgage company only deal with certain lawyers rather the firm that they want to choose for their conveyancing in Gosforth ?

Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent years big names such as HSBC, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.

Lenders blame a rise in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some 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. Your purchasers are unlikely to have any impact on this.

Should our conveyancer be making enquiries concerning flooding during the conveyancing in Gosforth.

The risk of flooding is if increasing concern for lawyers dealing with homes in Gosforth. There are those who buy a property in Gosforth, fully expectant that at some time, it may suffer from flooding. However, aside from the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the property. Steps can be carried out during the course of a house purchase to forewarn the purchaser.

Solicitors are not best placed to give advice on flood risk, however there are a numerous checks that may be initiated by the buyer or by their solicitors which will give them a better appreciation of the risks in Gosforth. The standard information given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the seller to find out whether the property has historically flooded. If flooding has previously occurred and is not notified by the seller, then a purchaser could bring a claim for damages stemming from an inaccurate reply. A buyer’s solicitors will also conduct an environmental report. This should reveal if there is a recorded flood risk. If so, additional inquiries will need to be made.

I have been on the look out for a flat up to £195,000 and found one close by in Gosforth I like with amenity areas and station in the vicinity, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Gosforth in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?

If you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.

Do you have any top tips for leasehold conveyancing in Gosforth with the intention of speeding up the sale process?

• Much of the frustration in leasehold conveyancing in Gosforth can be bypassed where you instruct lawyers the minute you market your property and request that they start to put together the leasehold information needed by the purchasers’ conveyancers.
A minority of Gosforth leases require Licence to Assign from the landlord. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. The majority of freeholders or Management Companies in Gosforth charge for supplying management packs for a leasehold premises. You or your lawyers should enquire as to the actual amount of the charges. The management pack can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to obtain the necessary information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Gosforth. In the event that you altered the property did you need the Landlord’s consent? In particular have you installed wooden flooring? Most leases in Gosforth state that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord acquiescing to such changes. Where you dont have the approvals to hand do not contact the landlord without contacting your lawyer in advance.

I am the registered owner of a 1 bedroom flat in Gosforth, conveyancing having been completed July 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Gosforth with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2083

You have 58 years remaining on your lease we estimate the price of your lease extension to span between £22,800 and £26,400 plus legals.

The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. Do not use the figures 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 take any other action based on this information without first seeking the advice of a professional.

Having used your search tool I can't find the lawyer I was hoping to instruct as being on the bank conveyancing panel. My lawyer has said that they are on the lender approved panel. How can I be sure given that they are not listed on your directory?

Not all firms are yet listed on our lender panel search tool which is still relatively new. Law firms are listing on a daily basis and it is probably the case that your lawyer is on the bank conveyancing lawyer and you should probably take them at their word. Please do feel free to suggest that they completing their listing on our site as it would only cost them £1 a month to list themselves as being on the lender solicitor panel.