I am 4 weeks into the sale of my flat in Audenshaw and the estate agent has just telephoned to warn that the purchasers are swapping solicitor. I am told that this is due to the fact that the bank will only work with solicitors on their conveyancing panel. Why would a major lender only engage with specific lawyers rather the firm that they want to appoint for their conveyancing in Audenshaw ?
Mortgage companies have always had panels of law firms they are content to work with, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Lending institutions blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal 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. Plenty of firms 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 buyers are unlikely to have any impact on this.
Can you suggest a Nottingham Building Society accepted Audenshaw conveyancing practice finish our home move within 10 days? Would it be better to use a local Audenshaw practice or a factory type comparison site?
We can recommend some very good Audenshaw conveyancing firms. You can also walk up the main road in Audenshaw. Go in to two or three firms and request to speak with a conveyancing solicitor for a costs illustration. Explain your requirements together with your reasons and get an assurance on your deadline. Select the lawyer that you are most comfortable with.
I purchased a freehold residence in Audenshaw yet charged rent, why is this and what is this?
It’s unusual for properties in Audenshaw and has limited impact for conveyancing in Audenshaw but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
I am the only recipient of my late grandmother’s estate and I have everything in my name alone, including the house in Audenshaw. The Audenshaw property was put into my name in February. I plan to dispose of the house. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my property ownership may be considered the same way as though I had purchased the house in February. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How sensible a view lenders take of it, depend on the mortgage company as this obligation principally exists to pick up on the purchase and immediately sell or the quick reselling of properties.
Is there a list of Aldermore panel conveyancers in Audenshaw on the Building Society Association’s Website?
No. There is no such facility on the Council of Mortgage Lenders or Building Society Association sites. Very few mortgage companies make their panel listings viewable on the web. Where you are seeking to appoint a Audenshaw property lawyer on the Aldermore please use our facility.
I have decided to exercise my right to buy my property in Audenshaw off the council. I have a mortgage offer with Lloyds. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Lloyds, you will need to appoint a solicitor on the Lloyds conveyancing panel.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Audenshaw I like with a park and railway links in the vicinity, however it only has 49 years on the lease. There is not much else in Audenshaw in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the shortness of the lease will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
There are plenty of houses in Audenshaw on unadopted roads. I am purchasing one such property. Are there any benefits to buying a residence on a private road?
Audenshaw conveyancing lawyers are used to transacting houseson private. The solicitor will investigate title to find any rights or liabilities. It is possible that there is a management company (wholly owned by residents) that residents pay into to maintain the road. Where one exists, the road will likely be maintained and appear nicer than publicly adopted.