My husband and I are buying a newbuild apartment in Cheadle with a homeloan from Platform Home Loans Ltd.We have a Cheadle conveyancing lawyer but Platform Home Loans Ltd informed us her practice is not listed on their "panel". we are left little option but to use a Platform Home Loans Ltd panel firm or retain our local solicitor and fork out for a Platform Home Loans Ltd panel lawyer to act for them. We feel as though this is unjust; is there anything we can do?
No, not really. The mortgage offered to you is subject to its terms and conditions, a common one being that lawyers must be on the Platform Home Loans Ltd approved list. Until recently, most banks had large numbers of solicitors on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your solicitors to apply to be on the conveyancing panel for Platform Home Loans Ltd
3 months have gone by since my purchase conveyancing in Cheadle took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Cheadle with a loan from The Mortgage Works. The builders refused to budge the amount so I negotiated £7000 of extras instead. The estate agent suggested that I not disclose to my solicitor about the side-deal as it could affect my loan with the bank. Should I keep quiet?.
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 encouragement of my in-laws I had a survey completed on a house in Cheadle in advance of retaining lawyers. I have been informed that there is a flying freehold overhang to the property. Our surveyor has said that some banks will not give a loan on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you call us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Cheadle. Conveyancing will be smoother if you use a solicitor in Cheadle especially if they are accustomed to such properties in Cheadle.
I was pointed in your direction by a few selling agents in Cheadle to get a quote from a property lawyer using your seach tool. What’s the financial upside for Estate Agents to promote your services rather than alternative conveyancing organisations?
We don’t offer any commission for pointing buyers and sellers in our direction. We thought it would be too underhand a fee because a client could think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ So we decided to step away from that.
I am a negotiator for a busy estate agency in Cheadle where we have witnessed a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Cheadle conveyancing firms. Please can you clarify whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Cheadle Conveyancing for Leasehold Flats - Sample of Queries before buying
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What restrictions are there in the Cheadle Lease? Most Cheadle leasehold properties will be liable to pay a service charge for maintenance of the building invoiced on behalf of the management company. If you purchase the property you will have to meet this charge, normally periodically during the year. This can vary from two or three hundred pounds to thousands of pounds for blocks with lifts and large common areas. There will also be a rentcharge to be met annual, this is usually not a significant figure, say about £50-£100 but you need to check as occasionally it can be many hundreds of pounds.