My wife and I are looking to buy a flat in Sandown and have appointed a Sandown conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Accord Mortgages Ltd have this afternoon contacted us to inform me that there is now an issue as our Sandown solicitor is not on their approved list of lawyers. Please explain?

When purchasing a property with the benefit of a mortgage it is standard for the purchasers' solicitors to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your property lawyer should contact your mortgage company and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel and you may continue to use your own Sandown solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.

I am purchasing a right to buy a flat in Sandown. Can I do my own conveyancing?

Leaving aside the complexities and merits of DIY conveyancing in Sandown you will have to appoint a solicitor on your lender's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Sandown.

I am buying my first flat in Sandown benefiting from help to buy. The developers would not move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not inform my conveyancer about the side-deal as it may affect my loan with HSBC Bank. Is this normal?.

All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Sandown I like with a park and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Sandown in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?

Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of 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 term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.

I today plan to offer on a house that seems to tick a lot of boxes, at a great price which is making it all the more appealing. I have subsequently been informed that the title is leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a house with a leasehold title in Sandown. Conveyancing advisers have are about to be instructed. Will they explain the issues?

The majority of houses in Sandown are freehold and not leasehold. In this scenario it’s worth having a local conveyancer who is familiar with the area who can assist with the conveyancing process. it is apparent that you are buying in Sandown so you should seriously consider looking for a Sandown conveyancing solicitor and be sure that they have experience in dealing with leasehold houses. First you will need to check the unexpired lease term. Being a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example requiring the freeholder’spermission to carry out alterations. You may also be required to pay a contribution towards the upkeep of the communal areas where the property is located on an estate. Your solicitor should appraise you on the various issues.

I invested in buying a studio flat in Sandown, conveyancing was carried out June 2005. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Sandown with an extended lease are worth £190,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2087

You have 62 years remaining on your lease we estimate the price of your lease extension to span between £17,100 and £19,800 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.