I have just been advised by my IFA that my Holmes Chapel the law firm I have appointed is not on the lender Solicitor panel. What can I do to check?
The best course of action for you to take is to call your Holmes Chapel conveyancer. You lawyer should notify you what has happened. If they are not on the panel they may recommend you to a Holmes Chapel conveyancing practice that is on the approved list of lawyers for your lender.
Would the conveyancing lawyers identified via your search tool handle auction conveyancing in Holmes Chapel?
We know of a few auction solicitors we can connect you with those specialising in auction conveyancing. Holmes Chapel is one of our areas of where our lawyers have a presence.
My husband and I are buying a 1 bedroom apartment in Holmes Chapel with a mortgage from Halifax.We have a Holmes Chapel conveyancing solicitor but Halifax advised that his firm is not listed on their "panel". we are left little option but to use a Halifax panel lawyer or keep our high street solicitor and fork out for a Halifax panel lawyer to act for them. This seems very unfair; Can we not simply insist that Halifax use our lawyer?
Unfortunately,no. The mortgage issued to you contains terms and conditions, one of which will be that solicitors must be on the Halifax solicitor panel. Until recently, most banks had large numbers of law firms 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 Halifax
Due to the input of my in-laws I had a survey completed on a house in Holmes Chapel in advance of retaining conveyancers. I have been informed that there is a flying freehold aspect to the property. My surveyor advised that some mortgage companies may refuse to give a loan on this type of home.
It varies from the lender to lender. Santander has different instructions for example to Birmingham Midshires. If you call us we can look into this further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Holmes Chapel. Conveyancing will be smoother if you use a solicitor in Holmes Chapel especially if they are familiar with such properties in Holmes Chapel.
My husband and I are 18 days into a leasehold purchase having been directed to a firm by the estate agent to do our conveyancing in Holmes Chapel. We are not happy. Could you help me find new lawyers?
A lawyer would have to be very bad to suggest diss instructing them. Has your mortgage offer been generated? In the event that it has you must advise them of the new contact details and ensure the loan are issued to the new lawyers. The solicitor ideally should be on the banks panel to avoid supplemental fees and frustration. So that should be your first question of the new lawyers. The search tool can help you find a bank approved lawyer for your home move in Holmes Chapel
I am tempted by the attractive purchase price for a two maisonettes in Holmes Chapel which have about forty five years remaining on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold apartment in Holmes Chapel is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most buyers and lenders, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Holmes Chapel conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a basement flat in Holmes Chapel, conveyancing was carried out May 1998. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Holmes Chapel with an extended lease are worth £186,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2078
With just 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.