I am selling my maisonette in Altrincham and the estate agent has just text me to advise that the purchasers are swapping property lawyer. The excuse is that the lender will only work with property lawyers on their approved list. On what basis would a major mortgage company only deal with specific lawyers rather the firm that they want to choose to handle their conveyancing in Altrincham ?
UK lenders have always had an approved set of law firms they are willing to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is hearing daily from firms that have been removed from panels. Plenty of firms are unaware that they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any impact on this.
Can you explain why leasehold purchase conveyancing in Altrincham costs more?
In short, leasehold conveyancing in Altrincham and elsewhere usually necessitates extra work compared to freehold transactions. This includes checking the lease terms, liaising with the landlord concerning the service of required notices, obtaining up-to-date service charge and management information, securing the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I've recently found out that there is a flying freehold issue on a property I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Altrincham is the location of the property. Is there any guidance you can give?
Flying freeholds in Altrincham are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Altrincham you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Altrincham may determine 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 property.
I am looking into buying my first house which is in Altrincham and I am already nervous. I couldn't find anything specific about Altrincham. Conveyancing will be needed in due course but do you know about the Altrincham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Altrincham. In the meantime here are some basic statistics that we found
Our conveyancer has advised that he intends to complete and exchange simultaneously on our sale of a £300,000 apartment in Altrincham in just under a week. The managing agents has quoted £360 for Landlord’s certificate, building insurance schedule and 3 years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Altrincham?
For the majority of leasehold sales in Altrincham conveyancing will involve, questions about the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
Addressing pre-exchange enquiries
Where consent is required before sale in Altrincham
Copies of the building insurance and schedule
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
Leasehold Conveyancing in Altrincham - A selection of Questions you should ask Prior to Purchasing
What is the name of the managing agents? Plenty Altrincham leasehold properties will incur a service bill for maintenance of the block invoiced on behalf of the freeholder. Where you purchase the apartment you will have to pay this amount, usually in instalments during the year. This may differ from a couple of hundred pounds to thousands of pounds for bigger purpose-built buildings. In all likelihood there will be a rentcharge for you to pay annual, this is usually not a significant sum, say about £50-£100 but you need to check it because sometimes it can be surprisingly expensive. Generally speaking the cost for major works are not wrapped into the maintenance charges, albeit that a few managing agents in Altrincham obliged leasehold owners to pay into a sinking fund created for the specific purpose of building a fund for major repairs or maintenance.