I am one month into the sale of my apartment in Cheadle Hulme and the EA has just text me to advise that the purchasers are appointing a new law firm. The reason given is that the bank will only work with solicitors on their approved list. Why would a major mortgage company only deal with specific solicitors rather the firm that they want to choose for their conveyancing in Cheadle Hulme ?
Mortgage companies have always had panels of law firms that can act for them, but in the past few years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Lending institutions blame a rise in fraud by way of justification for the reduction – criteria have been narrowed 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 says it is being contacted daily by practices that have been removed from panels. Some 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. The purchasers are not going to have any impact on this.
In the event thatI was to acquire a freehold homein Cheadle Hulme for cash and dispense with a survey and no conveyancing searches how much could I expect to to save on my conveyancing in Cheadle Hulme?
Any savings you would achieve will be isolated to the Cheadle Hulme conveyancing searches. The conveyancing practitioner is obliged to do the vast majority of work - money laundering, liaising with your sellers conveyancing practitioner, SDLT return, register the ownership etc. You might save a bit for them not needing to register a charge but it won't be significant.
I purchased a freehold premises in Cheadle Hulme yet pay rent, why is this and what is this?
It is rare for properties in Cheadle Hulme and has limited impact for conveyancing in Cheadle Hulme 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 from 1977 onwards.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I have been told that property searches are a common cause of hinderance in Cheadle Hulme house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Cheadle Hulme.
I am looking for a ground for flat up to £235,500 and found one round the corner in Cheadle Hulme I like with open areas and railway links in the vicinity, however it only has 61 years unexpired on the lease. I can't really find anything else in Cheadle Hulme in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a home loan the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
My partner has urged me to use his conveyancers in Cheadle Hulme. Do I take his guidance?
There are no two ways about it the ideal way to find a conveyancing solicitor is to seek guidance from friends or relatives who have actually experience in using the solicitor you're contemplating using.