I am nearing exchange of contracts for my ground floor flat in Langham and the EA has just called to warn that the purchasers are swapping conveyancer. The reason given is that the lender will only work with solicitors on their conveyancing panel. Why would a major mortgage company only deal with specific lawyers rather the firm that they want to select for their conveyancing in Langham ?

Lenders have always had panels of law firms they are willing to work with, but in the past few years big names such as HSBC, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.

Mortgage companies point to the increase in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to maintain. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says 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 buyers are unlikely to have any impact on this.

Me and my partner are acquiring our first property. The property lawyer has messagedto see if we would like to take out additional conveyancing searches. Unfortunately we have no idea as to what's necessary for conveyancing in Langham

The range of Langham conveyancing searches depends primarily on the property, the location, the likelihood of any of these risks, your knowledge of the region and risks, your overall approach to risk. What matters is that you properly comprehend what information the searches could supply. You may then decide if you personally think you need that information. Should you be in doubt, ask the solicitor to guide you.

Can you explain why leasehold purchase conveyancing in Langham is more expensive?

In short, leasehold conveyancing in Langham and elsewhere usually requires extra work compared to freehold transactions. This includes reviewing the lease, liaising with the landlord about the service of required notices, securing current service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.

Will our solicitor be asking questions regarding flooding as part of the conveyancing in Langham.

The risk of flooding is if increasing concern for lawyers dealing with homes in Langham. Some people will acquire a property in Langham, fully expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, where a property is at risk of flooding, it may be difficult to get a mortgage, satisfactory insurance cover, or dispose of the property. There are steps that can be taken during the course of a property purchase to forewarn the buyer.

Solicitors are not qualified to give advice on flood risk, but there are a numerous searches that may be carried out by the purchaser or on a buyer’s behalf which can figure out the risks in Langham. The standard information sent to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual inquiry of the seller to determine whether the property has historically flooded. In the event that flooding has previously occurred and is not notified by the seller, then a buyer could issue a claim for damages resulting from an incorrect reply. A buyer’s lawyers should also order an enviro report. This will indicate whether there is any known flood risk. If so, further inquiries will need to be made.

I have been on the look out for a leasehold apartment up to £305k and found one near me in Langham I like with a park and railway links nearby, however it only has 49 years on the lease. I can't really find anything else in Langham for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?

Should you need a home loan that many years 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 existing owner has owned the property for at least twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.