I can't travel far from Altrincham. Is there a reason why all Altrincham solicitors are not on all bank panels?
A decade ago most mortgage companies exhibited an attitude to risk which differs from the current day. The financial regulator in 2010 conducted a thematic review into mortgage fraud which in summary warned lenders: know the conveyancing practitioners on your panel. Consequently, banks have subsequently requiredmore data from law firms regarding their processes and the individuals employed by them and set certain criteria such as completing a minimum amount of transactions. Thousands of law practices have found themselves excluded from lender panels even though they had an exemplary disciplinary record, no complaints and no claims and didn't just 'dabble' in conveyancing. Such firms were never going to meet the criteria of volume of transactions the lenders insisted on.
The owners have rather assertive vendors who has recommended a exclusivity contract with a non-refundable deposit two thousand pounds. Are such agreements sensible?
This form of preliminary agreement is unusual in Altrincham, conveyancers will often sway clients away from them as they detract from focusing on the primary objective, namely conveyancing and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the vendor has executed a lock out agreement they will complete the sale with you. They may breach the agreement if they are offered a big enough financial inducement to do so because a wronged claimant with the benefit of a exclusivitycontract will still be obliged establish consequential losses from the breach and this may not equate the extra amount that the owner may secure by reneging on the contract, no matter how morally condemnable it undoubtedly is.
After scouring mumsnet.com for a recommended lawyer in Altrincham, most advise that I must look for a CQS accredited solicitor. Can you explain what CQS is?
Altrincham Conveyancing Quality Scheme practices have achieved accreditation under the Law Society's Scheme (CQS) CQS was brought about to establish evidence of quality standards in the home legal process. CQS enables buyers and sellers to recognise solicitor firms who provide a quality residential conveyancing. Altrincham is one of locations in England and Wales in which CQS are based. The conveyancing scheme requires practices to undergo a strict assessment, compulsory training, self-reporting, random audits and annual reviews in order to maintain CQS status. It is available to solicitors and not licensed conveyancers and has the support of the Council of Mortgage Lenders.
Me and my brother have a 4 bedroom Georgian house in Altrincham. Conveyancing lawyer represented me and Clydesdale. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Altrincham and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with the conveyancing practitioner who carried out the work.
Taking into account that I will soon part with hundreds of thousands of pounds on a property in Altrincham I would like to talk to a solicitor regarding thetransaction ahead of giving the go ahead to the firm. Can this be arranged?
We could not agree more - we would be pleased to talk to you we do not take any clients on without you first talking to the conveyancer due to be doing your conveyancing in Altrincham.There is no ‘factory style conveyancing’ - each client is unique person, not a file reference. The solicitors that we put you in touch with believe that the fees you are provided with for your conveyancing in Altrincham should be the amount on the final invoice that you are charged.
What makes a Altrincham lease problematic?
There is nothing unique about leasehold conveyancing in Altrincham. Most leases are unique and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
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Service charge per centages that don't add up correctly leaving a shortfall Clauses dealing with recovering service charges for expenditure on the building or common parts.
You may 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, Virgin Money, and Aldermore all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the purchaser to withdraw.
I purchased a 1 bedroom flat in Altrincham, conveyancing formalities finalised 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Altrincham with over 90 years remaining are worth £265,000. The ground rent is £50 per annum. The lease runs out on 21st October 2101
With only 76 years remaining on your lease the likely cost is going to be between £8,600 and £9,800 plus 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 are not able to supply the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.