The owners of the house we are hoping to buy have appointed a conveyancing practitioner in Torfaen who has insisted on a lock out contract with a down payment two thousand pounds. Are such agreements sensible?

This type of contract is not the norm in Torfaen, conveyancers will often try and steer clients away from them as they divert attention from the main conveyancing focus and if you end up losing your deposit then the lawyer at best left with an upset client and at worst a litigious one. Furthermore, there is no assurance that just because the proprietor has executed an exclusivity contract they will sell to you. They may breach the agreement if they receive a big enough financial inducement to do so because an aggrieved buyer with the benefit of a exclusivitycontract will still be obliged establish consequential losses from the breach and this may not equate the financial upside that your vendor may obtain by reneging on the agreement, however morally reprehensible the behaviour is.

When it comes to lenders such as Virgin Money, do Torfaen conveyancing practitioners face a yearly amount to be on the list of approved solicitors?

We are unaware of any lender fees to be on their panel, although some do charge an administration charge to deal with the processing of the conveyancing panel submission.

I currently have a mortgage with Kent Reliance for my property in Torfaen. Conveyancing has been completed months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Kent Reliance?

You must advise Kent Reliance prior to renting your property as this is likely to be a breach of Kent Reliance’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Kent Reliance directly. It should not be necessary to do this via a Kent Reliance conveyancing panel firm.

The formalities of my purchase has taken place for my property in Torfaen. Conveyancing was satisfactory but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?

Most banks and building societies have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. Ordinarily complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service who will take matters further.

I've recently found out that there is a flying freehold issue on a house I have offered on two weeks back in what was supposed to be a simple, no chain conveyancing. Torfaen is where the house is located. What do you suggest?

Flying freeholds in Torfaen are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Torfaen you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Torfaen may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.

What tools are available to locate a Torfaen solicitor on the Bank of Ireland conveyancing panel? I have wheels and am willing to travel upto 25miles to meet the solicitor.

Feel free to make use of the tool on this website. Please choose the lender and your location and you will see a number of Torfaen conveyancing lawyers located nearest you. We have listed some Torfaen conveyancing firms at the bottom of this page and you can ring them to check if they are on the Bank of Ireland member panel

I today plan to offer on a house that appears to be perfect, at a reasonable figure which is making it all the more appealing. I have since been informed that it's a leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Torfaen. Conveyancing solicitors have are soon to be appointed. Will they explain the issues?

Most houses in Torfaen are freehold rather than leasehold. This is one of the situations where having a local solicitor who is familiar with the area who can assist with the conveyancing process. It is clear that you are purchasing in Torfaen in which case you should be shopping around for a Torfaen conveyancing practitioner and be sure that they have experience in advising on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’sconsent to carry out alterations. You may also be required to pay a service charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should report to you on the legal implications.

I own a leasehold flat in Torfaen, conveyancing was carried out 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Torfaen with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease runs out on 21st October 2074

You have 50 years unexpired we estimate the premium for your lease extension to be between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.

The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first seeking the advice of a professional.