My wife and I are buying a 2 bedroom apartment in Liskeard with a mortgage. We have a Liskeard solicitor, but the mortgage company says she’s not on their "panel". We have to appoint one of the lender panel firms or continue with our Liskeard property lawyer and pay for one of their panel firms to act for them. We regard this is inequitable; is there anything we can do?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms 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 Liskeard conveyancing solicitor to apply to be on the conveyancing panel.
The Liskeard conveyancing firm handling our Liskeard conveyancing has uncovered a discrepancy between the surveyor’s assumptions in the home valuation report and what is revealed within the legal papers for the property. My lawyer has advised that he is duty bound to check that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s approach right?
Your lawyer must comply with the UK Finance Lenders’ Handbook specifications which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Please help - my lawyer says that flying freehold insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Liskeard?
The appropriate level of flying freehold indemnity insurance depends on who your lender is. It would differ for example between Nationwide Building Society and Norwich and Peterborough Building Society. Conveyancing lawyers as opposed to members of the public take out such insurances.
Two weeks ago we had a mortgage agreed in principle with Kent Reliance. Liskeard conveyancing solicitors are selected. How long does it take for Kent Reliance to issue the offer to the solicitor?
Some lenders take longer than others. Have Kent Reliance completed the valuation? Have you advised Kent Reliance as to your lawyers' details and checked that your lawyers are on the Kent Reliance conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
My offer was accepted on a property in Liskeard on 2/9/2025, valuation was booked 2 days after, received a clean bill of health. Property lawyer retained, so the only thing outstanding was my mortgage offer. Having made daily calls to UBS and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the UBS conveyancing panel. Are UBS entitled to hold back the Mortgage pending the lawyer being on the approved list?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for UBS to deal with your lawyer's application to be on the UBS conveyancing panel. There's no guarantee that your solicitor will be accepted.
five months have elapsed following my purchase conveyancing in Liskeard completed. 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 property 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 house in Liskeard prior to appointing lawyers. I have been told that there is a flying freehold overhang to the house. My surveyor has said that some lenders tend refuse to give a loan on this type of home.
It varies from the lender to lender. Bank of Scotland has different requirements from Nationwide. If you e-mail us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Liskeard. Conveyancing will be smoother if you use a solicitor in Liskeard especially if they are familiar with such properties in Liskeard.
I am tempted by the attractive purchase price for a couple of flats in Liskeard both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorates and results in it becoming more costly to acquire a lease extension. This is why it is generally wise to extend the lease term. More often than not it is difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this area.
I invested in buying a leasehold flat in Liskeard, conveyancing having been completed 9 years ago. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Liskeard with an extended lease are worth £195,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2088
You have 63 years remaining on your lease the likely cost is going to range between £16,200 and £18,600 as well as plus your own and the landlord's "reasonable" professional fees.
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. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.