I have just started taking steps with the aim of switching my current residential loan to a BTL Santander mortgage. I was told by my mortgage that I require a solicitor as part of the process. I spoke to the same Rochdale conveyancing practitioner who acted on my behalf when I first acquired the house. The fee calculation e-mailed to me of £500 is surprising as its a refinance than a sale or purchase.
The charges appear a bit high. If you shop around you might trim some of the cost by perhaps a hundred pounds. That being said, assuming were pleased with the legal work the firm provided you couldlive to rue choosing an an unknown conveyancer. Don't forget to be sure that the conveyancer can also act for Santander. You can utilise our search tool to locate a Rochdale conveyancing firm on the Santander approved list of lawyers, which can often include conveyancing solicitors in Rochdale.
The Rochdale conveyancing firm handling our Rochdale conveyancing has spotted an inconsistency between the surveyor’s assumptions in the valuation report and what is in the legal papers for the property. My solicitor says that he needs to check that the bank is happy with this discrepancy and is content to go ahead. Is my solicitor’s stance right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook conditions 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 you.
My mortgage company has suggested a law firm on their panel based in Rochdale but I would rather instruct a conveyancing lawyer in Rochdale local to me. Can you assist?
Not all Rochdale conveyancing practitioners are listed all lender’s conveyancing panel. Do make use of the above search tool to find a Rochdale conveyancing solicitor on the on the bank panel.
Will our solicitor be asking questions concerning flooding during the conveyancing in Rochdale.
The risk of flooding is if increasing concern for conveyancers carrying out conveyancing in Rochdale. There are those who purchase a property in Rochdale, fully expectant that at some time, it may be flooded. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a numerous searches that can be carried out by the purchaser or on a buyer’s behalf which should figure out the risks in Rochdale. The standard completed inquiry forms supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a usual inquiry of the owner to find out whether the property has suffered from flooding. If the premises has been flooded in past and is not disclosed by the seller, then a purchaser could bring a legal claim for losses as a result of such an incorrect answer. The buyer’s solicitors may also carry out an environmental report. This will higlight whether there is a recorded flood risk. If so, more detailed investigations will need to be carried out.
I've recently bought a leasehold property in Rochdale. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I am the registered owner of a 2 bed flat in Rochdale, conveyancing having been completed 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Rochdale with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2081
With 63 years unexpired we estimate the price of your lease extension 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 extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.