I am not well enough to travel far from Penrith. Can you please spell out why all Penrith conveyancing practitioners aren't automatically on all bank panels?

Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud every year.The removal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the Financial Services Authority in 2011. Its outcome included recommendations for mortgage companies to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in banks and building societies culling a number of firms off their books of approved conveyancers .

My partner and I have just purchased a property in Penrith. We have noticed several problems with the property which we believe were omitted in the conveyancing searches. Is there anything we can do? Can you clarify the type of searches that should have been ordered for conveyancing in Penrith?

It is not clear from the question as what problems have arisen and if they are specific to conveyancing in Penrith. Conveyancing searches and due diligence undertaken as part of the buying process are designed to help avoid problems. As part of the legal transfer of property, a property owner fills in a form referred to as a SPIF. If the information is inaccurate, you may have a misrepresentation claim against the owner for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Penrith.

What is your number one tip for choosing a conveyancing solicitor in Penrith

It would be unwise to be tempted by the lowest Penrith conveyancing fees. You really do get what you’re paying for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.

Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Penrith?

There are many recorded licenced Conveyancers in Penrith and Solicitor partnerships in Penrith who provide Conveyancing services It is important to make clear that the two are regulated professionals specialising in the legal work in the home buying process. Both can handle associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.

Can I be sure that the Penrith conveyancing solicitor on the Leeds Building Society panel is any good?

When it comes to conveyancing in Penrith getting recommendations is a sensible start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor handling your conveyancing.

I am looking for a leasehold apartment up to £195,000 and found one round the corner in Penrith I like with a park and station in the vicinity, however it only has 51 remaining years left on the lease. There is not much else in Penrith suitable, so just wondered if I would be making a grave error acquiring a short lease?

If you require a mortgage the shortness of the lease will be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.

In relation to leasehold conveyancing in Penrith what are the most common lease problems?

Leasehold conveyancing in Penrith is not unique. All leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are not included. For example, if your lease is missing any of the following, it could be defective:

Maintenance charge proportions which don’t add up to the correct percentage A duty to insure the building

A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, The Royal Bank of Scotland, and Bank of Ireland all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.

I purchased a 2 bed flat in Penrith, conveyancing having been completed in 1997. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Penrith with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease finishes on 21st October 2086

You have 61 years remaining on your lease we estimate the price of your lease extension to range between £19,000 and £22,000 plus legals.

The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.