I am five weeks into the sale of my house in Cheadle Hulme and the estate agent has just telephoned to warn that the buyers are appointing a new conveyancer. I am told that this is due to the fact that the lender will only deal with property lawyers on their conveyancing panel. Why would a major lender only engage with specific law firms rather the firm that they want to appoint for their conveyancing in Cheadle Hulme ?
UK lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 25 years.
Lenders blame a rise in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose 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 buyers are unlikely to have any sway in the decision.
I have been told that property searches are the number one cause of obstruction in Cheadle Hulme conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of hindrances during the legal transfer of property. Local searches are not likely to be the root cause of holding up conveyancing in Cheadle Hulme.
About to purchase a new build flat in Cheadle Hulme. Conveyancing is a frightening process 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 conveyancing.
Set out below are examples of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Cheadle Hulme
Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I am hoping to exchange soon on a leasehold property in Cheadle Hulme. Conveyancing lawyers inform me that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Cheadle Hulme should include some of the following:
Additions to the flat You should be sent a copy of the lease What options are open to you if a neighbour breaches a clause of their lease? Whether your lease caters for for a sinking fund for major repairs? The total ownership of the property. This might be the apartment itself but may incorporate a roof space or basement if applicable.
I purchased a basement flat in Cheadle Hulme, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Corresponding flats in Cheadle Hulme with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 per annum. The lease finishes on 21st October 2079
You have 60 years unexpired we estimate the price of your lease extension to range between £20,000 and £23,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.
Do I stop my mortgage payments with Lloyds as soon as a completion date for my home sale in Cheadle Hulme has been set?
No, you must keep paying any mortgage payments to Lloyds until the mortgage is discharged on completion as part of your Cheadle Hulme conveyancing.