Is the fact that my conveyancer in Walton On Thames is not on my bank's solicitor panel that there is a problem with the standard of his conveyancing?

That is more than likely an incorrect assumption to make. There are all sorts of perfectly reasonable explanations. Just recently a report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Walton On Thames conveyancing firm and enquire why they are no longer on the approved list for your mortgage company.

I am in the process of refinancing my flat in Walton On Thames, does my lawyer need to be on the Kent Reliance Solicitor panel?

There is nothing to stop you using your solicitor, but Kent Reliance will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.

Will our solicitor be raising enquiries concerning flooding as part of the conveyancing in Walton On Thames.

The risk of flooding is if increasing concern for solicitors dealing with homes in Walton On Thames. There are those who buy a house in Walton On Thames, fully aware that at some time, it may be flooded. However, aside from the physical destruction, where a property is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or dispose of the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.

Conveyancers are not qualified to give advice on flood risk, but there are a numerous checks that can be initiated by the purchaser or by their lawyers which will figure out the risks in Walton On Thames. The standard property information forms given to a purchaser’s conveyancer (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard inquiry of the seller to find out if the premises has suffered from flooding. If flooding has previously occurred which is not notified by the seller, then a buyer may issue a legal claim for losses stemming from an inaccurate answer. The buyer’s lawyers may also carry out an enviro report. This should higlight if there is a recorded flood risk. If so, more detailed investigations should be conducted.

I have tried to negotiate informally with with my landlord for a lease extension without any joy. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Walton On Thames conveyancing firm to act on my behalf?

Most certainly. We can put you in touch with a Walton On Thames conveyancing firm who can help.

An example of a Lease Extension decision for a Walton On Thames premises is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case affected 1 flat. The remaining number of years on the lease was 82.93 years.

What are the frequently found deficiencies that you encounter in leases for Walton On Thames properties?

There is nothing unique about leasehold conveyancing in Walton On Thames. All leases are unique and drafting errors can result in certain provisions are erroneous. The following missing provisions could result in a defective lease:

Clauses dealing with recovering service charges for expenditure on the building or common parts. A provision to repair to or maintain elements of the premises

You could encounter a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, Norwich and Peterborough Building Society, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, obliging the buyer to withdraw.

We own a leasehold flat in Walton On Thames. Conveyancing was finalised in 2009. I have heard that I mustn’t allow the the remaining lease term to fall too short. Why is that a problem?

Walton On Thames leasehold properties are for a fixed term - usually ninety nine years when they commenced. However many flats in Walton On Thames were built or converted in the 60’s and so these leases now have less than eighty years left to run. This may sound like plenty of time however Banks, Building Societies and other mortgage institutions generally need leases to have at least 75 years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are approaching eighty years. To optimize the marketability of your property you should be thinking about whether to extend your lease long before you come to sell it. You should note that there are significant benefits to taking action before the lease hits 80 years as when the lease falls below eighty years the amount you have to pay to extend starts to increase.