My husband and I are intent on purchasing a maisonette in Stanwick. My Solicitor has never been on on the lender conveyancing panel. Am I still permitted to appoint my Stanwick conveyancing solicitor even though they are excluded from the mortgage company panel of approved conveyancing solicitors?

One must have a solicitor to deal with the legal work required if you need a mortgage to buy your property. They will carry out all the appropriate legal checks on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage paperwork is dealt with. You can select a Stanwick conveyancing practitioner of your choosing. However, where the lawyer appointed is not a member of the lender approved list additional costs will be levied as separate legal representation will be required by them. Lender panel applications can be submitted, so if your lawyer has not in the past sought membership they should do so.

Are the Stanwick conveyancing solicitors identified as being on the TSB conveyancing panel, together with their details provided by TSB?

Stanwick conveyancing firms themselves provide us confirmation that they are on the TSB conveyancing panel as opposed to being supplied with a list from TSB directly.

How does conveyancing in Stanwick differ for new build properties?

Most buyers of new build or newly converted property in Stanwick contact us having been asked by the seller to exchange contracts and commit to the purchase even before the house is constructed. This is because developers in Stanwick 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 conveyancing solicitors 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 accustomed to new build conveyancing in Stanwick or who has acted in the same development.

I have been on the look out for a flat up to £235,500 and identified one close by in Stanwick I like with amenity areas and railway links in the vicinity, the downside is that it only has 52 remaining years left on the lease. There is not much else in Stanwick in this price bracket, so just wondered if I would be making a grave error buying a short lease?

Should you need a home loan the shortness of the lease will be an issue. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.

I've recently bought a leasehold flat in Stanwick. Am I liable to pay service charges for periods before completion of my purchase?

In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

I bought a ground floor flat in Stanwick, conveyancing having been completed in 2008. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Stanwick with an extended lease are worth £222,000. The ground rent is £50 per annum. The lease terminates on 21st October 2096

With 71 years left to run we estimate the premium for your lease extension to range between £9,500 and £11,000 as well as legals.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.