Me and my partner are purchasing a 2 bedroom flat in Chadderton with a mortgage. We have a Chadderton conveyancer, however the mortgage company says he's not on their "panel". We have to appoint one of the lender panel firms or retain our Chadderton conveyancing practitioner and pay for one of their panel ones to act for them. This feels very unfair; are we not able to require that the mortgage company use our Chadderton solicitor ?
No, not really. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the bank’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your Chadderton conveyancing lawyer to apply to be on the conveyancing panel.
The housing market in Chadderton is heating up. What can I do to expedite matters?
First, If you are under a tight deadline for your conveyancing it is highly recommended that your solicitor is familiar with the location as they will have local contacts and know-how. It is possible that they may have handled previousproperties in the same neighbourhood. You would be best advised to use a Chadderton conveyancing solicitor. Second, make sure that the lawyer is on the on the approved list for your mortgage company. It is claimed that 18% of Chadderton conveyancing transactions are suspended or jeopardised after finding out that a purchaser’s solicitor was not on their banks panel. In many cases this discovery resulted in the legal process being delayed by an average of three weeks. It is estimated that this issue affects approximately 100,000 home moves every year. Most Chadderton conveyancing practices can not represent certain mortgage companies so do check as early as possible.
There are numerous conveyancing solicitors in Chadderton but how do I know who I should use?
We would encourage you not to base your choice on the lowest Chadderton conveyancing costs illustration. You really do get what you’re paying 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 know exactly what you’ll have to pay in ahead of time.
Is it the case that all Chadderton solicitors on the Clydesdale conveyancing panel are overseen by the SRA?
As a firm of solicitors, in order to be on the Clydesdale conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do permit licenced conveyancers on their panel and in such a situation the practice would be governed by the Council of Licensed Conveyancers.
I am expecting a DIP from Nottingham this week so we know how much we could potentially offer as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nottingham recommend any Chadderton solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Chadderton solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
I have been on the look out for a flat up to £235,500 and identified one round the corner in Chadderton I like with amenity areas and railway links in the vicinity, however it's only got 61 years unexpired on the lease. I can't really find anything else in Chadderton suitable, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the shortness of the lease may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
As co-executor for the estate of my aunt I am disposing of a residence in Neath but live in Chadderton. My solicitor (based 200 miles from meneeds me to sign a statutory declaration before completion. Could you suggest a conveyancing solicitor in Chadderton who can attest and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Normally any notary public or solicitor will do regardless of whether they are based in Chadderton
I am looking at a couple of maisonettes in Chadderton which have in the region of forty five years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Chadderton is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of purchasers and banks, leases with under eighty years become less and less attractive. On a more positive 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 a property 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 Chadderton 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.
I inherited a studio flat in Chadderton, conveyancing formalities finalised in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Chadderton with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2090
With just 67 years unexpired we estimate the price of your lease extension to be between £10,500 and £12,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.