My wife and I are buying a 2 bedroom apartment in Trafford with a mortgage. We have a Trafford lawyer, but the mortgage company advise he's not on their "panel". We have to appoint one of the bank panel solicitors or keep our Trafford lawyer as well as pay for one of their panel lawyers to represent them. We feel that this is unjust; can we not demand that the lender use our Trafford solicitor ?
Unfortunately,no. The mortgage offered to you 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. Another option that might be available is for your Trafford conveyancing solicitor to apply to be on the conveyancing panel.
Does a directory service exist listing Nottingham panel conveyancers in Trafford on the Building Society Association’s Website?
No. There is no such tool on the CML or Building Society Association websites. Very few lending institutions make their panel listings viewable online. Where you are in need of a Trafford lawyer on the Nottingham please use our facility.
The mortgage over my property is with Virgin Money for my property in Trafford. Conveyancing was finalised months ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Virgin Money?
Your original mortgage agreement with Virgin Money will provide that you need their approval prior to renting your property as this is likely to be a breach of Virgin Money’s mortgage conditions. It may be that Virgin Money will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Virgin Money directly. You need not do this via a Virgin Money conveyancing panel firm.
I recently had an offer accepted on a house in Trafford. My financial adviser pressured me to appoint their conveyancing practitioner. I paid an upfront payment of £150. Shortly after, the lawyer called me embarrassingly acknowledging that they were not on the Santander 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 Santander 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.
Do commercial conveyancing searches reveal proposed roadworks that could affect a commercial property in Trafford?
Its becoming the norm that commercial conveyancing solicitors in Trafford will execute a SiteSolutions Highways report as it reduces the time that conveyancers spend in sourcing accurate data on highways that impact buildings and development assets in Trafford. The search result sets out definitive data 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 Trafford.
For each commercial conveyancing transaction in Trafford it is critical to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been addressed adequately could result in delays to Trafford commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not conducted for domestic conveyancing in Trafford.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a quick, no chain conveyancing. Trafford is where the house is located. Is there any advice you can give?
Flying freeholds in Trafford are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Trafford you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Trafford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I am looking into buying my first house which is in Trafford and I am already nervous. I couldn't find anything specific about Trafford. Conveyancing will be needed in due course but do you know about the Trafford area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Trafford. In the meantime here are some basic statistics that we found
We expect to complete our sale of a £300,000 apartment in Trafford in just under a week. The management company has quoted £324 for Landlord’s certificate, building insurance schedule and previous years statements of service charge. Is the landlord entitled to charge an administration fee for a flat conveyance in Trafford?
Trafford conveyancing on leasehold apartments normally requires the buyer’s conveyancer sending questions for the landlord to address. Although the landlord is not legally bound to answer these enquiries the majority will be content to assist. They are entitled to invoice a reasonable administration fee for answering questions or supplying documentation. There is no upper cap for such fees. The average costs for the information that you are referring to is over three hundred pounds, in some cases it is above £800. The administration charge invoiced by the landlord must be sent together with a summary of entitlements and obligations in respect of administration fees, otherwise the invoice is technically not due. Reality however dictates that you have little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I am the registered owner of a split level flat in Trafford, conveyancing having been completed February 2003. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Trafford with a long lease are worth £216,000. The ground rent is £50 invoiced every year. The lease comes to an end on 21st October 2094
With 69 years remaining on your lease we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.