I am in the process of selling my home in Irlam and the estate agent has just called to warn that the purchasers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only work with property lawyers on their approved list. On what basis would a leading mortgage company only work with certain law firms rather the firm that they want to choose to handle their conveyancing in Irlam ?
Banks have always had panels of law firms they are willing to work with, 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 worked with them for more than 15 years.
Lenders justify this action to a rise in fraud as the reason for the cull – criteria have been stiffened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms 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. Your purchasers are unlikely to have any sway in the decision.
Can your site be used to recommend a Conveyancing solicitor in Irlam even if I’m not buying or selling a house, for instance where I wish to acquire a shop in Irlam with a loan from Lloyds TSB Bank?
Our search tool is predominantly there to find domestic conveyancing solicitors in Irlam but we have recorded at the end of this page a few Irlam commercial conveyancing firms. You should enquire with the company directly to check if they can also act for Lloyds TSB Bank
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one close by in Irlam I like with open areas and station nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Irlam in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage that many years will likely be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
I have been pointed in your direction by a number of selling agents in Irlam to get a quote from a solicitor on your site. Is there a financial incentive for Estate Agents to offer your services rather than another?
We refuse to offer any financial incentive for pointing buyers and sellers in our direction. We thought it would be too underhand a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
Estate agents have just been given the go-ahead to market my ground floor apartment in Irlam. Conveyancing lawyers have not yet been instructed, however I have just received a quarterly service charge invoice – what should I do?
The sensible thing to do is clear the invoice as usual given that all rents and maintenance charges will be apportioned on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I own a split level flat in Irlam, conveyancing formalities finalised in 2002. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Irlam with an extended lease are worth £175,000. The average or mid-range amount of ground rent is £65 charged once a year. The lease expires on 21st October 2083
With 58 years unexpired we estimate the price of your lease extension to range between £23,800 and £27,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.
We are hoping to acquire a repossessed house in Irlam and the mortgagee in possession require completion inside 28 days. Do solicitors complete in this timeframe? Would it be better to instruct a high street Irlam firm or an online company that professes to complete quickly?
Visit your Irlam shopping parade. Pop in to a couple of companies and ask to see a conveyancing solicitor for a quote. Discuss your situation and seek a commitment on time frames. Choose the firm that comes across as most trustworthy. You need to use a conveyancing practitioner on the panel of property lawyers who can act for your mortgage company.