I am in the process of selling my flat in Chapel En Le Frith and the estate agent has just e-mailed to warn that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only deal with property lawyers on their approved list. On what basis would a leading lender only work with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Chapel En Le Frith ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks point to the increase in fraud by way of justification for the cull – criteria have been tightened 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 claims that it is being contacted daily by practices 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 purchasers are unlikely to have any sway in the decision.
I am under pressure from the mortgagee in possession of a property in Chapel En Le Frith to exchange within four weeks. What can I do to expedite matters?
In the event that you are under time constraints to complete it is advisable to make sure that your conveyancer is familiar with the area as they will have local relationships and knowledge. It is possible that they could have transacted otherproperties in the same road. You would be best advised to use a Chapel En Le Frith conveyancing firm. In addition, check that the conveyancing firm is on the lender panel. It is claimed that just under twenty per cent of Chapel En Le Frith conveyancing deals are held up or derailed after discovering a buyer’s lawyer was not on their banks panel. In many cases this discovery resulted in the transaction being delayed by almost 21 days. It is said that this issue impacts approximately one hundred thousand home moves every year. Many Chapel En Le Frith conveyancing practices can not act for certain mortgage companies so do check at the outset.
I am thinking of mortgaging my apartment in Chapel En Le Frith, does my lawyer have to be on the Bank of Ireland Solicitor panel?
There is nothing to stop you using your solicitor, but Bank of Ireland will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I am buying a new build house in Chapel En Le Frith benefiting from help to buy. The builders refused to move on the amount so I negotiated £7000 of additionals instead. The sale representative advised me not to tell my conveyancer about the side-deal as it would put at risk my loan with The Royal Bank of Scotland. 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 am looking for a flat up to £195,000 and identified one round the corner in Chapel En Le Frith I like with a park and railway links in the vicinity, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in Chapel En Le Frith for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you need a mortgage the shortness of the lease may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
Planning to exchange soon on a garden flat in Chapel En Le Frith. Conveyancing lawyers assured me that they report fully next week. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Chapel En Le Frith should include some of the following:
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Ground rent - what is due and when is collected, and be on notice if this is subject to change The landlord’s rights to access the flat. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided. Do you need to have carpet in the flat or are you allowed wood flooring? What remedies are open the freeholder should you breach a clause of your lease? Your lawyers should enable you to have an understanding of the building insurance requirements
I am the registered owner of a 1st floor flat in Chapel En Le Frith, conveyancing formalities finalised in 1997. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Chapel En Le Frith with over 90 years remaining are worth £211,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2094
With just 68 years unexpired the likely cost is going to span between £9,500 and £11,000 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.