We are planning to buy a 3 bedroom flat in Stretford with a mortgage. We wish to retain our Stretford conveyancer, but the mortgage company advise he's not on their "panel". It seems we have no option but to select one of the bank panel solicitors or continue with our Stretford conveyancer and pay for one of their panel ones to act for them. This seems very unfair; are we not able to demand that the mortgage company use our Stretford property lawyer ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Stretford conveyancing lawyer to apply to be on the conveyancing panel.
What does my ID and proof of funds have anything to do with my conveyancing in Stretford? Is this really warranted?
Anti-terror and anti-money-laundering regulations require solicitors and licensed conveyancers to check the identity of the potential client they are dealing with before they can accept their conveyancing retainer. The Terms and Conditions that you need to sign should confirm this. Your lender will also require certain documents to be viewed. Where you refuse to hand over ID verification documents, your solicitor would not be able to act for you.
My bid for a property was accepted at auction in Stretford. Conveyancing is needed. What are my next steps?
Given that you are now exchanged you should instruct a conveyancing practitioner soon as you now have a fast approaching a drop dead date to complete the deal. An auction property will ordinarily have a corresponding legal pack. This should include evidence of title and search results. Where you are dealing with leasehold property the conveyancing pack may include a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation specific to a leasehold property. You should give this to the solicitor instructed by you as soon as possible. Do make sure that your finances are in order to complete on the on the contractual date .
The formalities of my purchase has taken place for my property in Stretford. Conveyancing was of an acceptable standard but I feel I should register my dissatisfaction about the lender. Who do I contact should I wish to lodge a complaint?
Most lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are resolved effectively and efficiently. However if you are not satisfied that the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Lloyds have agreed my mortgage in principle, my bid on a house in Stretford has been accepted, what happens next?
The estate agent will wish to know who your solicitors are (be sure the solicitors are on the bank’s panel). Call up Lloyds or your financial adviser and finish off any appropriate paperwork. Lloyds will appoint a valuer who will get in contact with the selling agent or vendor to schedule a slot for the valuation to occur. Once carried out (assuming no problems) it takes about ten days to get a mortgage offer. Lloyds will issue the offer to you and your lawyers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Stretford.
I know that there are debates on Chancel Insurance on online forums. Do I need this when purchasing a house in Stretford? or I am told that there is a law dating back centuries that could mean that house owners residing in a parish church boundary may be liable to pay for repairs towards the chancel in proximity to the church. Is this applicable for conveyancing in Stretford?
Unless a previous purchase of the property took place post 12 October 2013 you can assume that solicitors handling conveyancing in Stretford to continue to propose a a chancel search and or chancel repair liability policy.
I am purchasing a new build house in Stretford with a loan from Norwich and Peterborough Building Society. The sellers refused to budge the price so I negotiated 6k of extras instead. The sale representative told me not inform my lawyer about the extras as it would impact my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I work for a busy estate agent office in Stretford where we see a few leasehold sales derailed due to short leases. I have received conflicting advice from local Stretford conveyancing firms. Can you shed some light as to whether the vendor of a flat can commence the lease extension process for the buyer?
As long as the seller has owned the lease 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. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 buyer.
I am the registered owner of a 1 bedroom flat in Stretford, conveyancing having been completed 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding properties in Stretford with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2095
You have 70 years left to run the likely cost is going to span between £9,500 and £11,000 plus legals.
The figure 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 due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.