We wish to acquire a newbuild apartment in Nag's Head with a mortgage from .We use our Nag's Head conveyancing solicitor but says he's not listed on their "panel". we are left little option but to use a panel lawyer or keep our preferred solicitor and pay for a panel lawyer to represent them. This seems very unfair; is there anything we can do?

Unfortunately,no. The home loan issued to you contains various provisions, a common one being that lawyers needs to be on the conveyancing panel. Until recently, most mortgage companies had large numbers of solicitors on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your lawyer to apply to be on the conveyancing panel for

Are there restrictive covenants that are commonly identified during conveyancing in Nag's Head?

Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Nag's Head. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one near me in Nag's Head I like with open areas and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Nag's Head for this price, so just wondered if I would be making a grave error buying a short lease?

Should you require a mortgage that many years will likely be problematic. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.

Should I instruct a Nag's Head conveyancing solicitor who is local to the property I am buying? An old friend can carry out the legal work but they are based 200kilometers drive away.

The primary upside of using a high street Nag's Head conveyancing firm is that you can drop in to execute paperwork, deliver your identification documents and apply pressure on them where appropriate. They will also have local insight which is a plus. However nothing is more important than finding someone that will pull out all the stops for you. If other friends have used your friend and they were happy that must surpass using an unfamiliar Nag's Head conveyancing lawyer solely due to them being round the corner.

I am looking at a two flats in Nag's Head both have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?

There are plenty of short leases in Nag's Head. The lease is a legal document that entitles you to use the property for a period of time. As the lease shortens the value of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. Sometimes it is difficulties arise selling premises with a short lease as mortgage companies may be reluctant to lend money on properties of this type. Lease enfranchisement can be a protracted process. We advise that you seek professional help from a solicitor and surveyor with experience in this field.

I purchased a basement flat in Nag's Head, conveyancing having been completed 1995. How much will my lease extension cost? Comparable flats in Nag's Head with a long lease are worth £165,000. The ground rent is £45 levied per year. The lease expires on 21st October 50

You have 50 years unexpired the likely cost is going to span between £36,100 and £41,800 as well as legals.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.