I am in the process of selling my ground floor flat in Madeley and the estate agent has just text me to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the bank will only deal with property lawyers on their approved list. On what basis would a big named lender only engage with specific lawyers rather the firm that they want to choose to handle their conveyancing in Madeley ?

Banks have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for over 25 years.

Lenders attribute this action to a rise in fraud by way of justification for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose 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 are unaware that 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 unlikely to have any impact on this.

Do the Building Society Association intend to launch a search tool with a view to to identify solicitors on the conveyancing panel for example in Madeley?

We are not aware of any intention on the part of the BSA to develop such a register.

I am planning to move property in . Does my conveyancing solicitor update the removal company on the day of completion. Incidentally, can you put forward a removal company in Madeley. Conveyancing lawyer was chosen before I stumbled across this website.

On the day of completion you will need to pick up the keys from your estate agent however this can only occur after the previous owners lawyers advise the agent that they have the completion monies and the keys can be given over. After that you can inform the removal men that you are ready to move in. We are not in a position to recommend a particular removal organisation but can help you locate a residential property solicitor in Madeley or a legal practice with expertise in conveyancing in Madeley.

I'm the only recipient of my late mum's estate and I have everything in my name alone, including the my former home in Madeley. The Madeley property was put into my name in . I now wish to sell up. I understand that there is a CML six month 'rule', which means that my property ownership will be regarded the same way as if I'd bought the house in . Is the property unsalable for six months?

The CML handbook mandates conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How sensible a view lenders take of it, depend on the lender as this provision principally exists to identify the purchase and immediately sell or the flipping of properties.

We had selected conveyancers with offices in Madeley on the solicitor approved list. They have just billed me a supplemental fee for the legal aspects of the mortgage. Is this a supplemental conveyancing fee specified by ?

As unfair as it may seem, as long as it’s in their Terms and Conditions or Quote then yes your is entitled to charge a fee for this. The fee is not set by but by your Madeley . Plenty of firms on the panel will quote ’dealing with mortgage’ fee and others do not.

I am buying a new build house in Madeley with the aid of help to buy. The sellers refused to reduce the price so I negotiated £7000 of additionals instead. The property agent advised me not inform my conveyancer about this extras as it would adversely affect my loan with . Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I am tempted by the attractive purchase price for a two maisonettes in Madeley both have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Madeley is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 property 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 Madeley 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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 bought a leasehold flat in Madeley, conveyancing formalities finalised 1995. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Madeley with a long lease are worth £165,000. The ground rent is £45 invoiced annually. The lease terminates on 21st October 50

With 50 years left to run we estimate the premium for your lease extension to be between £36,100 and £41,800 as well as costs.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.