I am selling my maisonette in Lymm and the EA has just telephoned to warn that the buyers are swapping property lawyer. I am told that this is due to the fact that the mortgage company will only work with solicitors on their approved list. On what basis would a major mortgage company only work with certain lawyers rather the firm that they want to appoint for their conveyancing in Lymm ?
Lenders have always had an approved set of law firms they are content to work with, but in recent years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that it is being contacted daily by practices 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 unlikely to have any sway in the decision.
I'm purchasing my first flat in Lymm with a mortgage from Clydesdale. The sellers refused to reduce the price so I negotiated £7000 of extras instead. The property agent advised me not to tell my lawyer about this extras as it could put at risk my mortgage with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what was supposed to be a simple, no chain conveyancing. Lymm is where the house is located. Can you offer any advice?
Flying freeholds in Lymm are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Lymm you must be sure that your lawyer goes through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Lymm may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
Are there common defects that you encounter in leases for Lymm properties?
Leasehold conveyancing in Lymm is not unique. All leases are drafted differently and drafting errors can result in certain sections are missing. The following missing provisions could result in a defective lease:
Maintenance charge proportions which don’t add up to the correct percentage A duty to insure the building
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. National Westminster Bank, Skipton Building Society, and Clydesdale all have very detailed requirements when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to provide security, forcing the buyer to withdraw.
I am the registered owner of a studio flat in Lymm, conveyancing was carried out in 2005. How much will my lease extension cost? Equivalent properties in Lymm with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease terminates on 21st October 2092
With just 69 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
My husband and I have today had a bid accepted on our first house in Lymm, and need to get solicitors appointed. I have made use of the various rating tools and the quotes are from all across the country. Is it critical to have a Lymm solicitor local to our prospective property? We are fine to do everything over the internet, but I assume at some stage we may need to attend the solicitor's office to sign papers?
Generally there is no need to attend the office of your solicitor, they can post any relevant papers to you, which you can sign and return. Many home movers prefer to instruct a locally based solicitor, but it is not a prerequisite for conveyancing in Lymm.