Am I correct in assuming that the fact that my conveyancer in Rusholme is not listed on my lender's solicitor panel that there is a problem with the quality of his conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The top 5 reasons are as follows: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Should you be concerned you should simply call the Rusholme conveyancing practice and ask them why they are no longer on the approved list for your mortgage company.
We are buying a newly constructed duplex in Rusholme and my solicitor is advising me that she is duty bound to the lender to reveal incentives from the developer. I am on a tight deadline to exchange contracts and I have no desire to prolong deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook specifications. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I had intended to instruct a conveyancing solicitor in Rusholme for our home move. Our broker informed us that our mortgage company Aldermore won't deal with them. Why is this not regarded as unfair competition?
Pre- 2008 most mortgage companies had a different appetite for risk. Almost all Rusholme conveyancing firms would have been on most lender panels. The FSA in 2010 carried out a thematic review into mortgage fraud which concluded: mortgage lenders should know the conveyancing solicitors dealt with. Consequently, mortgage companies have regularly sought more data from law firms about their operations and their employees and set certain criteria such a completing on a minimum volume of transactions. Many Rusholme conveyancing firms that have been excluded from lender panels have Unblemished track record, no complaints and no claims and didn't just 'dabble' in conveyancing. Rusholme is amongst the hundreds of locations where the conveyancers showing on our search results are on the panel for Aldermore.
I am aiming to move home in December. Does my conveyancing solicitor liaise with the removal company on the day of completion. On a separate note, can you put forward a removal company in Rusholme. Conveyancing lawyer was found before I stumbled across this website.
On the day of completion you can pick up the house keys from the property agent however this can only occur after the sellers lawyers inform the agent that they have the completion monies and the keys can be collected. Subsequently you will need to advise the removal company that they can start moving you in. We do not suggest a specific removal company but can help you find a residential property solicitor in Rusholme or a solicitor with expertise in conveyancing in Rusholme.
I'm the single beneficiary of my late mum's will and I have everything in my name now, including the my former home in Rusholme. Conveyancing formalities meant that the Land Registry date was in September. I now wish to sell up. I do know about the Mortgage Lenders 6 month 'rule', which means that my proprietorship could be considered the same way as if I'd bought the property in September. Do I have to wait 6 months to sell?
The CML handbook mandates solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. many banks would take a sensible view as this requirement is primarily there to identify the purchase and immediately sell or the quick reselling of properties.
How can we tell if a Rusholme conveyancing solicitor on the Santander panel is any good?
When it comes to conveyancing in Rusholme obtaining recommendations is a good start. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always advocate that you speak with the lawyer handling your transaction.
Should commercial conveyancing searches disclose proposed roadworks that could impact a commercial site in Rusholme?
Its becoming the norm that commercial conveyancing solicitors in Rusholme will carry out a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Rusholme. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Rusholme.
For each commercial conveyancing transaction in Rusholme it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately could cause delays to Rusholme commercial conveyancing transactions as well as pose a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Rusholme.
I am employed by a long established estate agency in Rusholme where we have witnessed a few flat sales put at risk due to short leases. I have received inconsistent advice from local Rusholme conveyancing solicitors. Please can you confirm whether the owner of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I own a 1 bedroom flat in Rusholme, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Rusholme with a long lease are worth £185,000. The ground rent is £65 invoiced annually. The lease expires on 21st October 2085
You have 60 years unexpired we estimate the premium for your lease extension to range between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on 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 other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.