My partner and I are planning to purchase a house in Macclesfield and are in fact using a Macclesfield conveyancing firm. Within the past 48 hours our solicitor has forwarded the sale agreement to be signed with a detailed report with a view to exchanging next week. The Mortgage Works have this morning contacted us to inform me that there is now an issue as our Macclesfield conveyancer is not on their conveyancing panel. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also represent 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 bank 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 as you are at liberty to use your preferred Macclesfield lawyers, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
Do the conveyancing lawyers revealed via your ’find a lawyer’ tool conduct right to buy conveyancing in Macclesfield?
We work with a variety of conveyancing solicitors carrying out right to buy conveyancing matters You should e-mail us with a view to secure a costs calculation.
It is is a decade since I acquired my home in Macclesfield. Conveyancing solicitors have recently been retained on the sale but I am unable to track down the deeds. Is this a major issue?
Don’t worry too much. First there is a chance that the deeds will be kept by your lender or they could be archived with the solicitor who oversaw the purchase. Secondly in most cases the land will be registered at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. The vast majority of conveyancing in Macclesfield involves registered property but in the unlikely event that your property is not registered it adds to the complexity but is resolvable.
I am buying a right to buy a flat in Macclesfield. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Macclesfield you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Macclesfield.
I am tempted by the attractive purchase price for a couple of apartments in Macclesfield which have about fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Macclesfield. The lease is a right to use the property for a period of time. As a lease shortens the value of the lease decreases and it becomes more expensive to extend the lease. This is why it is advisable to extend the lease term. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you get professional assistance from a solicitor and surveyor with experience in this field.
I invested in buying a 2 bed flat in Macclesfield, conveyancing was carried out half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding flats in Macclesfield with a long lease are worth £190,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2085
With only 61 years remaining on your lease we estimate the premium for your lease extension to be between £19,000 and £22,000 plus legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be other 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 without first seeking the advice of a professional.
I am short of a 10% deposit on my house purchase in Macclesfield , but I still want to go ahead. Do I have options?
One option is to try and accept a lower deposit. Most sellers will agree to a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second