Am I correct in assuming that the fact that my solicitor in Rusholme is not listed on my lender's conveyancing panel that there is a problem with the quality of the firm’s conveyancing?
That would more than likely be an incorrect assumption to make. There are plenty of plausible explanations. Just recently a report by the solicitors regulator revealed 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor 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 contact the Rusholme conveyancing practice and enquire why they are no longer on the approved list for your mortgage company.
Can you point me to a directory of Leeds Building Society panel solicitors in Rusholme on the Building Society Association’s Website?
Unfortunately not yet. There is no such facility on the CML or Building Society Association sites. A small selection of banks make their panel listings open the public online. If you are in need of a Rusholme lawyer on the Leeds Building Society please make the most of our facility.
I am expecting a OIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Rusholme solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Rusholme solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
I recently had an offer accepted on a house in Rusholme. My mortgage broker suggested a property lawyer. I paid an on account payment of £175. Shortly after, the lawyer contacted me to say that they were not on the Nationwide conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Nationwide panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
Various web forums that I have come across warn that are the number one cause of stalling in Rusholme house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of hindrances in the conveyancing process. Local searches are not likely to feature in any delay in conveyancing in Rusholme.
It has been 4 months following my purchase conveyancing in Rusholme took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the residence from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Due to the advice of my in-laws I had a survey completed on a house in Rusholme before retaining lawyers. I have been told that there is a flying freehold aspect to the property. Our surveyor advised that some mortgage companies will refuse to issue a loan on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Birmingham Midshires. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Rusholme. Conveyancing may be slightly more expensive based on your lender's requirements.
Estate agents have just been given the go-ahead to market my basement flat in Rusholme. Conveyancing lawyers have not yet been instructed, but I have recently had a half-yearly maintenance charge invoice – Do I pay up?
The sensible thing to do is pay the invoice as you normally would given that all ground rent and maintenance charges will be apportioned on completion, so you should recover the relevant percentage by the buyer for the period running from after the completion date to the next payment date. Most managing agents 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 2 bed flat in Rusholme, conveyancing was carried out in 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Rusholme with over 90 years remaining are worth £190,000. The ground rent is £45 per annum. The lease finishes on 21st October 2088
With only 62 years left to run we estimate the premium for your lease extension to be between £17,100 and £19,800 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.