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Find a Ellesmere Port Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Ellesmere Port? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Ellesmere Port transaction at risk of delay or failure.

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Recently asked questions about conveyancing in Ellesmere Port

I am progressing with the sale of my ground floor flat in Ellesmere Port and the EA has just called to warn that the buyers are changing their conveyancer. I am told that this is due to the fact that the bank will only engage with property lawyers on their approved list. Why would a major lender only work with certain solicitors rather the firm that they want to choose for their conveyancing in Ellesmere Port ?

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 Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.

Lending institutions point to the increase in fraud as the reason for the cull – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Some do not even realise 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.

Why is leasehold purchase conveyancing in Ellesmere Port costs more?

In short, leasehold conveyancing in Ellesmere Port and Cheshire usually involve additional due diligence compared to freehold transactions. This includes checking the lease terms, corresponding with the landlord about the service of applicable notices, securing 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 – no matter how many different leaseholders have owned the lease since it was first entered into.

Just had an offer accepted on a new build apartment in Ellesmere Port. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.

Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Ellesmere Port

    Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please provide evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. 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.

I am tempted by the attractive purchase price for a two maisonettes in Ellesmere Port which have approximately fifty years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold apartment in Ellesmere Port is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and banks, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Ellesmere Port conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Leasehold Conveyancing in Ellesmere Port - Sample of Questions you should ask Prior to buying

    It would be sensible to find out if there are any onerous prohibitions in the lease. For example it is reasonably common in Ellesmere Port leases that pets are not allowed in in a block in Ellesmere Port. If you love the apartmentin Ellesmere Port however your dog can’t move with you then you will be faced hard compromise. Most Ellesmere Port leasehold properties will be liable to pay a service charge for the upkeep of the block set by the freeholder. If you purchase the property you will have to meet this amount, normally quarterly accross the year. This could vary from a couple of hundred pounds to thousands of pounds for bigger purpose-built blocks. There will also be a ground rent to be met yearly, this is usually not a large sum, say approximately £50-£100 but you need to check as sometimes it can be prohibitively expensive. Does this lease have in excess of 85 years remaining?

I am about to complete on the purchase a house in Ellesmere Port but as a consequence of wreckage from the recent storms I have agreed recompense from the owner of £3k taking the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process however the lender will not agree to this. Why were they approached?

Any conveyancer being on the mortgage company conveyancing panel is obliged to disclose to the mortgage company of any changes to the sale figure. If you prohibit your lawyer to notify the price change to your bank then they would have no choice but to refrain from representing you and the lender.

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