Am I correct in assuming that the fact that my solicitor in Needham Market is not identified on my lender's conveyancing panel that there is a problem with the standard of his conveyancing?

It would not be wise to jump to that conclusion. There are plenty of reasonable explanations. A recent report by the solicitors regulator revealed that over three quarters of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (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. If you are concerned you should simply call the Needham Market conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.

Is there a reason why leasehold purchase conveyancing in Needham Market is more expensive?

In summary, leasehold conveyancing in Needham Market and elsewhere usually necessitates additional hours of investigation compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord concerning the service of required notices, procuring current service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.

Yesterday I discovered that there is a flying freehold element on a property I put an offer in two weeks back in what was supposed to be a straight forward, no chain conveyancing. Needham Market is where the house is located. What do you suggest?

Flying freeholds in Needham Market are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Needham Market you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Needham Market may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.

I've found a house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have since found out that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a house with a leasehold title in Needham Market. Conveyancing advisers have are about to be instructed. Will they explain the issues?

The majority of houses in Needham Market are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are purchasing in Needham Market in which case you should be looking for a Needham Market conveyancing solicitor and check that they are used to dealing with leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the freeholder’spermission to carry out alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the house is located on an estate. Your solicitor will advise you fully on all the issues.

I acquired a studio flat in Needham Market, conveyancing formalities finalised 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Needham Market with a long lease are worth £165,000. The average or mid-range amount of ground rent is £45 levied per year. The lease terminates on 21st October 50

With 50 years unexpired we estimate the price of your lease extension to range between £36,100 and £41,800 as well as plus your own and the landlord's "reasonable" professional fees.

The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.

I have been Googling for Needham Market conveyancing quotes online. Can I be sure that all the Needham Market practices that are listed on your directory are on the mortgage company conveyancing panel?

The solicitor and licensed conveyancing practices listed on our site have advised us that they are on the lender panel and agreed to advise us to take down their listing in the event of removal off of the mortgage company panel. To date we have not been informed by either a mortgage company or a member of the public that the data about a specific Needham Market firm being on the bank conveyancing panel is not accurate.