My fiance and I are planning to buy a home in Stalybridge and have appointed a Stalybridge conveyancing practice. Within the last couple of days our solicitor has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Barclays have this afternoon contacted us to advise us that there is now an issue as our Stalybridge lawyer is not on their conveyancing panel. Please explain?
Where you are buying a property needing a mortgage 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 Accreditation Scheme. Your solicitor should contact your mortgage company 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 bank's conveyancing panel and you may continue to use your own Stalybridge solicitors, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
Our solicitor has identified a defect with the lease for the flat we are purchasing in Stalybridge. The seller’s lawyers have put forward defective title insurance as a solution. We are content with insurance and will cover the costs. Our solicitor has advised that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.
Can your site be used to locate a Conveyancing solicitor in Stalybridge even if I’m not buying or disposing of a house, for example if I intend to acquire a shop in Stalybridge with a loan from Accord Mortgages Ltd?
Our search tool is primarily there to find domestic conveyancing solicitors in Stalybridge but we have listed at the bottom of this page a selection of Stalybridge commercial conveyancing firms. You should enquire with the company directly to establish if they can also act for Accord Mortgages Ltd
I used Arc property Solicitors several years ago for my conveyancing in Stalybridge. I now require my file but the law firm has closed. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Stalybridge of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
How does conveyancing in Stalybridge differ for newly converted properties?
Most buyers of new build residence in Stalybridge 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 Stalybridge usually acquire the site, 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 conveyancers 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 Stalybridge or who has acted in the same development.
I only have Sixty One years unexpired on my lease in Stalybridge. I need to get lease extension but my freeholder is can not be found. What should I do?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to find the lessor. In some cases an enquiry agent should be useful to carry out a search and to produce a report to be accepted by the court as evidence that the landlord can not be located. It is advisable to get professional help from a property lawyer in relation to devolving into the landlord’s absence and the application to the County Court covering Stalybridge.
Leasehold Conveyancing in Stalybridge - A selection of Questions you should consider Prior to Purchasing
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What is the the remaining lease term? It is important to be aware whether fixing the lift or some other major work is anticipated to be shared amongst the tenants and will dramatically impact the level of the maintenance fees or require a specific payment.