I am progressing with the sale of my house in Baguley and the estate agent has just telephoned to say that the buyers are switching solicitor. I am told that this is due to the fact that the bank will only work with property lawyers on their approved list. On what basis would a major mortgage company only engage with certain lawyers rather the firm that they want to choose to handle their conveyancing in Baguley ?
Banks have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Banks point to the increase in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Some do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are unlikely to have any sway in the decision.
I require conveyancing for a flat in a fairly new development (five years built) in Baguley. 95% of the properties have already been occupied. Do I need carry out the local searches for my conveyancing in Baguley?
If you are purchasing a property with the assistance of a mortgage, your lender will need some (many) of the searches so you'll have no choice. If not, then Baguley conveyancing searches are for you to decide upon. No doubt your conveyancer, will ’encourage’, perhaps strongly, that you should have the searches done, but he or she has a professional duty to do this. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you demand that your lawyer to proceed without searches then your lawyer will have to follow your instructions or ask you to appoint a different lawyer for your conveyancing in Baguley.
I am purchasing a new build house in Baguley with a loan from Virgin Money. The developers refused to move on the price so I negotiated 6k of additionals instead. The estate agent advised me not to tell my lawyer about the extras as it would adversely affect my loan with the lender. 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.
Due to the input of my in-laws I had a survey completed on a property in Baguley prior to retaining lawyers. I have been advised that there is a flying freehold element to the property. Our surveyor has said that some lenders will refuse to give a loan on this type of house.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you e-mail us we can look into this further via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Baguley. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Baguley to see if the conveyancing will be more expensive.
I am using a search engine for the words conveyancing in Baguley it shows results of numerous property lawyersin the area. With so much choice what is the best way to find the suitable conveyancer for my move?
The best way of finding a suitable conveyancer is through a personal recommendation, so ask friends and family who have bought a property in Baguley or the local estate agent or financial adviser. Fees for conveyancing in Baguley vary, so it's a good idea to request at least three quotes from different solicitors. Dont forget to clarify that the costs are assured not to to be inflated.
I would like to let out my leasehold flat in Baguley. Conveyancing solicitor who did the purchase is retired - so can't ask him. Do I need to ask my freeholder for their consent?
Even though your last Baguley conveyancing lawyer is no longer available you can review your lease to check if it allows you to sublet the premises. The accepted inference is that if the lease is silent, subletting is permitted. There may be a precondition that you must seek permission from your landlord or other appropriate person before subletting. This means you not allowed to sublet in the absence of prior permission. The consent should not be unreasonably turned down. If the lease does not allow you to sublet you should ask your landlord if they are willing to waive this restriction.
Baguley Conveyancing for Leasehold Flats - Sample of Queries before buying
-
You will want to find out as much as you can about the managing agents as they can either make your life much easier or much more difficult. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to daily matters such as the upkeep of the common parts. You should not be afraid to ask prospective neighbours whether they are happy with their service. Finally, be sure you discover the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money. Who are the managing agents? Does the lease contain onerous restrictions?