I am selling my flat in Ardwick and the estate agent has just telephoned to warn that the purchasers are changing their solicitor. The reason given is that the mortgage company will only work with property lawyers on their conveyancing panel. On what basis would a leading lender only engage with certain solicitors rather the firm that they want to select to handle their conveyancing in Ardwick ?
Banks have always had panels of law firms that can represent them, but in the past few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Mortgage companies justify this action to a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to maintain. No lender will say 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. Your purchasers are not going to have any impact on this.
My grandson is in the process of securing a house that has just been built in Ardwick with a mortgage from Principality. His conveyancer has advised him of a delay in completing the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Principality conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Principality conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
The deeds to my property are lost. The conveyancers who conducted the conveyancing in Ardwick 4 years ago are no longer around. What do I do?
In today’s world there are duplicates made of almost everything, and your conveyancer should know precisely where to locate all the appropriate documentation so you may buy or sell your house without any difficulty. If duplicates can’t be located, your solicitor can put in place insurance or indemnities protecting you against future claims on the premises.
I decided to have a survey done on a property in Ardwick prior to appointing solicitors. I have been told that there is a flying freehold element to the house. The surveyor advised that some banks may refuse to give a mortgage on such a home.
It depends who your proposed lender is. HSBC has different instructions from Halifax. If you contact us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Ardwick. Conveyancing will be smoother if you use a solicitor in Ardwick especially if they are accustomed to such properties in Ardwick.
What makes a Ardwick lease problematic?
There is nothing unique about leasehold conveyancing in Ardwick. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
You will have difficulties when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Barnsley Building Society, and Godiva Mortgages Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
I purchased a basement flat in Ardwick, conveyancing having been completed in 2012. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar properties in Ardwick with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2075
With 55 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.