I am progressing with the sale of my house in Altrincham and the estate agent has just telephoned to warn that the purchasers are switching law firm. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their conveyancing panel. Why would a major mortgage company only work with specific solicitors rather the firm that they want to choose to handle their conveyancing in Altrincham ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Mortgage companies attribute this action to a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. Your purchasers are not going to have any sway in the decision.
I'm purchasing my first flat in Altrincham with the aid of help to buy. The sellers would not reduce the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent advised me not to tell my conveyancer about this extras as it could adversely affect my mortgage with Norwich and Peterborough Building Society. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I opted to have a survey completed on a property in Altrincham in advance of instructing conveyancers. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies will refuse to grant a loan on such a home.
It varies from the lender to lender. Santander has different instructions for example to Halifax. If you e-mail us we can look into this further via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Altrincham. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Altrincham to see if the conveyancing will be more expensive.
What does commercial conveyancing in Altrincham cover?
Altrincham conveyancing for business premises covers a broad array of services, supplied by qualified solicitors, relating to business property. For example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more usually, the assignment of existing leases or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of leases.
Can you offer any advice when it comes to appointing a Altrincham conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Altrincham conveyancing firm) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you speak with several firms including non Altrincham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions could be helpful:
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What are the charges for lease extension work? Can they put you in touch with clients in Altrincham who can give a testimonial?
Altrincham Leasehold Conveyancing - Examples of Queries before Purchasing
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In the main the cost for major works are not built into the maintenance charges, albeit that a few managing agents in Altrincham ask leaseholders to pay into a sinking fund and this is used to offset against major repairs or maintenance. Be sure to find out if the the lease includes any adverse restrictions in the lease. For example plenty of leases prohibit pets being allowed in in a block in Altrincham. If you like the propertyin Altrincham but your cat is not allowed to move with you then you will be faced hard decision.
We have had DIP from Leeds Building Society who suggested we could borrow up to £350k. At what point do I need to instruct a lawyer for conveyancing? Altrincham is where we are purchasing.
It would be wise to instruct a property lawyer now so that the solicitor can open the file so they can conduct their ID checks etc. Once you wish them to commence work they will seek a deposit normally about £200. That should normally be after you have the loan offer from your lender and valuation back, but if you want to speed the process you can start sooner even though you may be risking some money.