My husband and I are planning to purchase a property in Stourbridge and are in fact using a Stourbridge conveyancing firm. Within the last couple of days our lawyer has forwarded the sale agreement to be signed with a detailed report in anticipation of exchanging contracts shortly. TSB have this afternoon contacted us to inform me that they have now hit a problem as our Stourbridge solicitor is not on their conveyancing panel. Is this a problem?

When purchasing a property with the benefit of a mortgage it is conventional 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 lender 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 Stourbridge solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.

Can you clarify what the consequences are if my solicitor is removed from the Clydesdale Conveyancing panel ahead of completing my conveyancing in Stourbridge?

First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.

I need some fast conveyancing in Stourbridge as I have pressure to complete inside one month. A home loan is not required. Can I avoid the conveyancing searches to save fees and time?

If.Given you are not getting a mortgage you are at free not to have searches carried out although no lawyer would recommend that you don't. With lots of history conveyancing in Stourbridge the following are examples of issues that can appear and adversely affect market value: Refused Planning Applications, Overdue Charges, Overdue Grants, Unadopted Roads,...

I opted to have a survey carried out on a house in Stourbridge before appointing solicitors. I have been advised that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies may refuse to issue a loan on such a premises.

It varies from the lender to lender. Lloyds has different requirements for example to Halifax. If you e-mail us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Stourbridge. Conveyancing may be slightly more expensive based on your lender's requirements.

I am attracted to a two maisonettes in Stourbridge both have about fifty years unexpired on the lease term. Should I regard a short lease as a deal breaker?

A lease is a right to use the property for a period of time. As the lease gets shorter the value of the lease deteriorates and it becomes more expensive to extend the lease. This is why it is generally wise to extend the lease term. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field.

I bought a 1st floor flat in Stourbridge, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Stourbridge with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease runs out on 21st October 2083

You have 59 years left to run we estimate the premium for your lease extension to range between £20,900 and £24,200 plus costs.

The figure above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. 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. Neither should you move forward placing reliance on this information without first getting professional advice.