Please explain the implications if my lawyer’s firm is expelled from the Lloyds Conveyancing panel ahead of completing my conveyancing in Maryport?

First, this is very unlikely to happen. 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.

We are close to exchanging contracts on the sale of our property in Maryport and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local lawyer would know this is not the case. For the life of me I don't know why the buyers instructed a web based conveyancing outfit as opposed to a conveyancing solicitor in Maryport. Having lived in Maryport for 4 years we know of no issue. Should we contact our local Authority to get clarification need.

It sounds as though you may have a conveyancing solicitor already. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)

4 months have elapsed since my purchase conveyancing in Maryport concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?

The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.

Due to the guidance of my in-laws I had a survey completed on a property in Maryport ahead of appointing conveyancers. I have been informed that there is a flying freehold overhang to the property. My surveyor advised that some lenders tend refuse to give a loan on such a house.

It depends who your proposed lender is. Santander has different instructions from Nationwide. If you call us we can check with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Maryport. Conveyancing may be slightly more expensive based on your lender's requirements.

I am tempted by the attractive purchase price for a two maisonettes in Maryport both have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Maryport is a deteriorating 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. For most buyers and banks, leases with under 75 years become less and less marketable. 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 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 premises 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 Maryport conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 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.

Maryport Leasehold Conveyancing - A selection of Questions you should ask before buying

The answer will be important as a) areas may result in problems in the block as the common areas may begin to deteriorate where services are not paid for b) if the leaseholders have an issue with the managing agents you will wish to have all the details What is the maintenance charge and ground rent on the property?