My partner and I are planning to acquire a property in Levenshulme and have appointed a Levenshulme conveyancing practice. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. Bank of Ireland have this evening contacted us to inform me that there is now an issue as our Levenshulme solicitor is not on their conveyancing panel. What do we do from here?
When purchasing a property with mortgage finance it is usual for the purchasers' solicitors to also act for the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Levenshulme solicitors, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
When will exchange of contracts happen for domestic conveyancing in Levenshulme and am I required to attend the solicitors branch?
If you are in close proximity to our conveyancing solicitors in Levenshulme you are invited in to sign documents. That being said, the lender approved solicitors we recommend supply countrywide coverage for conveyancing and provide as equally detailed and professional a job for you when dealing with you by post or email. The signing of the contract is not the point of no return. Signing on the dotted line is necessary for the solicitor to officially exchange when the time is right, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Levenshulme)to be in the office available at the end of the phone to exchange contracts.
I have been referred to a conveyancing solicitor in Levenshulme. I need to find out whether they are accepted on the Aldermore approved list of lawyers. Can you advise?
You should e-mail the conveyancer and enquire if they can act for the lender. Otherwise please get in touch with Aldermore who may be able to confirm.
How does conveyancing in Levenshulme differ for new build properties?
Most buyers of new build property in Levenshulme approach us having been asked by the developer to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Levenshulme usually buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Levenshulme or who has acted in the same development.
I need to instruct a conveyancing solicitor for residential conveyancing in Levenshulme. I've discover a web site which appears to be the ideal solution If there is a chance to get all the legals done via web that would be preferable. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Are there common problems that you witness in leases for Levenshulme properties?
There is nothing unique about leasehold conveyancing in Levenshulme. Most leases are unique and legal mistakes in the legal wording can sometimes mean that certain provisions are wrong. For example, if your lease is missing any of the following, it could be defective:
-
Service charge per centages that don't add up correctly leaving a shortfall
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Barclays , Barnsley Building Society, and Britannia all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to pull out.
Levenshulme Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
-
Does the lease include onerous restrictions? Best to be warned whether a new roof is being installed or some other major work is anticipated that will be shared by the leaseholders and may well dramatically increase the the service costs or require a one time payment. How many years are left on the lease?