Unfortunately I am unable to travel far from Colne. I would like to know the reason why all Colne property lawyers aren't automatically on all bank panels?

Pre- 2008 most banks demonstrated an approach to risk which is different than today. The financial regulator in 2010 carried out a thematic review into property fraud which concluded: know the conveyancers on your panel. As a result, banks have subsequently soughtmore data from law firms about their processes and the staff who work for them and set certain criteria such as completing a minimum volume of transactions. Thousands of law practices have been removed from lender panels even though they had 100% healthy disciplinary record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Many firms were never going to meet the minimum volume of transactions the lenders insisted on.

I require fast conveyancing in Colne as I am under a deadline to exchange contracts in less than one month. A mortgage is not required. Can I escape the need for conveyancing searches to save fees and time?

As you are not taking a mortgage you have the choice not to do searches although no lawyer would suggest that you don't. Drawing on our experience of conveyancing in Colne the following are examples of what can arise and therefore impact market value: Refused Planning Applications, Outstanding Fees, Overdue Grants, Unadopted Roads,...

I am looking for a leasehold apartment up to £235,500 and found one near me in Colne I like with open areas and transport links nearby, however it's only got 52 years unexpired on the lease. I can't really find anything else in Colne suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?

If you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.

I am hoping to put an offer on a small detached house that appears to be perfect, at a reasonable price which is making it more attractive. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are issues purchasing a leasehold house in Colne. Conveyancing solicitors have are about to be appointed. Will they explain the issues?

Most houses in Colne are freehold and not leasehold. In this scenario it’s worth having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Colne so you should seriously consider shopping around for a Colne conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. Being a lessee you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as obtaining the freeholder’spermission to conduct alterations. It may be necessary to pay a service charge towards the upkeep of the estate where the house is located on an estate. Your lawyer will advise you fully on all the issues.

I purchased a 1st floor flat in Colne, conveyancing having been completed 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Colne with over 90 years remaining are worth £179,000. The average or mid-range amount of ground rent is £65 per annum. The lease finishes on 21st October 2082

With 57 years remaining on your lease we estimate the premium for your lease extension to be between £26,600 and £30,800 as well as costs.

The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.

Two months into buying a residence in Colne. Conveyancing solicitor has told us the title is "Leasehold". Does this adversely affect the marketability of the house?

Colne conveyancing does not in most situations involve leasehold houses. The main consideration here is the unexpired lease term and the ground rent. If it's 999 years with a nominal rent, it's virtually freehold, so it shouldn't impact the saleability significantly.

At the other end of the spectrum, if it's, say, Sixty years it will have a significant impact on the value, and most likely wouldn't be acceptable to the bank. The length of lease and ground rent will be set out in the lease provided to your property lawyer.