I am in the process of selling my house in Cheetham Hill and the EA has just called to advise that the purchasers are appointing a new conveyancer. The excuse is that the mortgage company will only engage with property lawyers on their approved list. Why would a big named lender only engage with certain solicitors rather the firm that they want to appoint to handle their conveyancing in Cheetham Hill ?
Banks have always had panels of law firms they are willing to work with, but in the past 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 many years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to monitor. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices 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 not going to have any sway in the decision.
The Cheetham Hill conveyancing firm handling our Cheetham Hill conveyancing has spotted a difference when comparing the assumptions in the home valuation report and what is revealed within the title deeds. My solicitor informs me that he must ensure that the bank is happy with this discrepancy and is content to go ahead. Is my lawyer’s course or action right?
Your conveyancing practitioner must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
There are plenty of conveyancing solicitors in Cheetham Hill but how do I know who's good?
We would encourage you not to base your choice on the cheapest Cheetham Hill conveyancing quote. You really do get what you pay for when it comes to conveyancing solicitors. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you go into the conveyancing with your eyes wide open.
Last month we had a mortgage agreed in principle with Bank of Ireland. Cheetham Hill conveyancing solicitors are appointed. How long does it take for Bank of Ireland to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Bank of Ireland completed the survey? Have you advised Bank of Ireland as to your lawyers' details and checked that your lawyers are on the Bank of Ireland conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Skipton have agreed my mortgage in principle, my offer on a property in Cheetham Hill has been agreed to, what happens next?
Your property agent will wish to be advised as to your solicitor's details (make sure the solicitors are on the lender’s panel). Contact Skipton or your financial adviser and finish off any appropriate forms. Skipton will sellect a valuer who will get in touch with the estate agent or vendor to book a slot for the valuation to take place. Once conducted (assuming no problems) it takes approximately a week to get a mortgage offer. Skipton will issue the offer to you and your conveyancers. The legal work will then take it’s course according the nature and complexity of the conveyancing in Cheetham Hill.
How does conveyancing in Cheetham Hill differ for new build properties?
Most buyers of new build property in Cheetham Hill come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Cheetham Hill usually acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Cheetham Hill or who has acted in the same development.
My wife and I may need to rent out our Cheetham Hill ground floor flat for a while due to a career opportunity. We used a Cheetham Hill conveyancing firm in 2003 but they have closed and we did not think at the time seek any advice as to whether the lease permits subletting. How do we find out?
A small minority of properties in Cheetham Hill do contain a provision to say that subletting is only permitted with prior consent from the landlord. The landlord cannot unreasonably withhold but, in such cases, they would need to see references. Experience dictates that problems are usually caused by unsatisfactory tenants rather than owner-occupiers and for that reason you can expect the freeholder to take up the references and consider them carefully before granting consent.
I inherited a split level flat in Cheetham Hill, conveyancing having been completed in 2005. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Cheetham Hill with a long lease are worth £181,000. The ground rent is £55 per annum. The lease ends on 21st October 2069
You have 50 years unexpired the likely cost is going to span between £31,400 and £36,200 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.