I am progressing with the sale of my apartment in Booker and the estate agent has just called to advise that the buyers are appointing a new solicitor. The reason given is that the mortgage company will only engage with property lawyers on their conveyancing panel. On what basis would a major lender only engage with certain law firms rather the firm that they want to choose to handle their conveyancing in Booker ?

Mortgage companies have always had panels of law firms they are willing to work with, but in recent years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.

Lenders point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to maintain. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.

I purchased a freehold residence in Booker but nevertheless charged rent, why is this and what is this?

It’s unusual for properties in Booker and has limited impact for conveyancing in Booker but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.

Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.

Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.

I have a decision in principle. The lender mentioned the loan came with free conveyancing. Is the implication that I have to appoint their panel conveyancer as I would prefer to use a Booker based conveyancing firm?

Do check but the chances are that give you one of their panel solicitors if you accept the "fee-free" offer. Speak to the mortgage company and determine if they allow a monetary alternative. In the past a few mortgage companies offered a £250 cashback as a further option in which case you could put that amount towards the cost for your conveyancing solicitor near Booker.

Are there any apps to assist me to identify a Booker law firm on the Virgin Money conveyancing panel? I have wheels and am prepared to travel upto 20miles to meet the lawyer.

You can use the tool on this website. Please select a bank and your location and you will see a number of Booker conveyancing lawyers locally. We have listed some Booker conveyancing firms towards the end of this page and you can telephone them to check whether they are on the Virgin Money panel

I am looking at a couple of maisonettes in Booker both have in the region of forty five years left on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Booker is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of purchasers and mortgage companies, leases with less than eighty years become less and less marketable. On a more upbeat 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 residence 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 Booker conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 am the registered owner of a studio flat in Booker, conveyancing formalities finalised in 1997. How much will my lease extension cost? Corresponding flats in Booker with a long lease are worth £190,000. The ground rent is £45 yearly. The lease terminates on 21st October 2087

With only 62 years remaining on your lease the likely cost is going to range between £17,100 and £19,800 as well as legals.

The figure that we have given is 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 a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.