I plan on acquiring a leasehold flat in Southwold. My Solicitor has never been on on the lender conveyancing panel. Am I still permitted to continue with my Southwold conveyancing solicitor even though they are not on the bank approved list?

You must have a property lawyer to complete the legal work required when you require a loan to buy your home. The conveyancing practitioner will conduct all the essential due diligence on the property, ensuring that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. You can select a Southwold conveyancing practitioner of your choosing. Nevertheless, if the property lawyer appointed is not on the bank conveyancing panel additional costs will be levied as separate legal representation will be need by the lender. Lender panel applications may be submitted, so where your lawyer has not historically sought membership they should take the opportunity to apply.

I am looking to buy a property and require a conveyancing solicitor in Southwold who is on the Chelsea Building Society approved. Could you point me in the right direction as regards a solicitor?

Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Chelsea Building Society in certain locations such as Southwold. We dont recommend any particular firm.

I happen to be the sole recipient of my late grandmother’s estate and I have everything in my name alone, including the my former home in Southwold. Conveyancing formalities meant that the Land Registry date was in February. I want to move. I do know about the CML 6 month 'rule', which means that my property ownership may be considered the same way as though I had purchased the property in February. Do I have to wait half a year to sell?

The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be caught by that. How sensible a view lenders take of it, depend on the mortgage company as this obligation principally exists to pick up on subsales or the wholesaling and assigning of properties.

Are all Southwold Conveyancing Quality Solicitors on the Leeds Building Society conveyancing panel?

A selection of lenders now make use of CQS as the starting point for Panel membership such as HSBC and Santander. CQS accreditation however gives no guarantee to lender panel acceptance. Nevertheless,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to join their approved list of firms.

Completion of my remortgage has taken place for my property in Southwold. Conveyancing was a necessary evil but I feel I should register my dissatisfaction about the lender. How does one go about formally complaining?

Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Services Team at head office. In most cases complaints to a lender are sorted out very quickly. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.

How does conveyancing in Southwold differ for new build properties?

Most buyers of new build residence in Southwold approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is completed. This is because developers in Southwold tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Southwold or who has acted in the same development.

I am tempted by the attractive purchase price for a two maisonettes in Southwold both have approximately 50 years left on the lease term. should I be concerned?

There are no two ways about it. A leasehold apartment in Southwold is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and mortgage companies, leases with under 75 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 property 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 Southwold 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 own a split level flat in Southwold, conveyancing having been completed June 1996. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Southwold with over 90 years remaining are worth £190,000. The ground rent is £45 yearly. The lease ceases on 21st October 2087

With just 62 years remaining on your lease the likely cost is going to be 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 provide the actual costs in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.