we are a couple who decided to purchase a newly converted apartment in Bredbury with a mortgage from The Mortgage Works.We use our Bredbury conveyancing lawyer but The Mortgage Works says he's not on their approved list of firms. It seems we have little choice but to instruct a The Mortgage Works panel solicitor or retain our preferred solicitor and pay for a The Mortgage Works panel lawyer to represent them. This seems very unfair; Can we not simply insist that The Mortgage Works use our lawyer?
No, not really. The mortgage offered to you is subject to its various provisions, one of which will be that lawyers needs to be on the The Mortgage Works solicitor panel. in the past, most banks 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 solicitors to apply to be on the conveyancing panel for The Mortgage Works
My stepmother pointed out to me me that in purchasing a property in Bredbury there could be a number of restrictions affecting the ability to carry out external changes to a property. Is this right?
There are anumerous of properties in Bredbury which have some sort of restriction or requirement of consent to execute external alterations. Part of the conveyancing in Bredbury should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
is it true that all Bredbury solicitor firms on the Coventry BS conveyancing panel are regulated by the SRA?
As a firm of solicitors, in order to be on the Coventry BS conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many banks do allow licenced conveyancers on their panel in which case such organisation would be governed by the CLC.
I recently had an offer agreed on a house in Bredbury. My mortgage broker pressured me to appoint their conveyancer. I paid an on account payment of £175. Soon after, the lawyer called me embarrassingly acknowledging that they were not on the Kent Reliance 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 Kent Reliance 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.
Just had an offer accepted on a new build flat in Bredbury. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Bredbury
Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Please supply a car parking plan.
I have been recommended by numerous property agents in Bredbury to locate a conveyancer on your site. What’s the financial upside for Estate Agents to recommend your site over and above a competitor’s?
We refuse to make any financial incentive for sending work to this site. We found it would be just too difficult to pay a commission as members of the public would think, ‘Why is the agent getting a kickback? Why am I not receiving any benefit too?’ So we decided to step away from that.
I have just appointed agents to market my 2 bed flat in Bredbury. Conveyancing lawyers have not yet been instructed, but I have recently received a yearly service charge invoice – what should I do?
The sensible thing to do is pay the maintenance contribution as normal given that all ground rent and service invoices will be allotted as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I invested in buying a 1 bedroom flat in Bredbury, conveyancing having been completed May 2001. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Bredbury with over 90 years remaining are worth £195,000. The ground rent is £45 yearly. The lease ends on 21st October 2082
You have 63 years remaining on your lease the likely cost is going to span between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other concerns 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 based on this information before seeking the advice of a professional.