My husband and I are hoping to buy a property in Cheadle and have appointed a Cheadle conveyancing firm. Within the last couple of days our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Norwich and Peterborough Building Society have this afternoon contacted us to advise us that they have now hit a problem as our Cheadle conveyancer is not on their approved list of lawyers. Please explain?
Where you are buying a property requiring a mortgage it is conventional for the purchasers' lawyers to also represent the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Cheadle solicitors, in which case your legal fees may increase, and it may delay matters as you have another set of people involved.
Completed the sale of my flat in Cheadle last July but our buyer keeps texting me to moan that her conveyancer is waiting to hear from mine. What should have happened now that I have sold?
Following your house sale your conveyancer is committed to forward the transfer deeds and all supplemental paperwork to the buyer’s lawyers. If applicable, your conveyancer should also send confirmation that the legal charge in favour of the lender has been redeemed to the purchasers solicitors. There are no post completion procedures just for conveyancing in Cheadle.
My wife and I are downsizing from our house in Cheadle and according to the buyers it appears that there is a risk of it being built land that was not decontaminated. Any high street Cheadle conveyancer would know this is not the case. For the life of me I don't know why the purchasers instructed an internet conveyancing firm as opposed to a conveyancing solicitor in Cheadle. We have lived in Cheadle for 4 years we know that this is a non issue. Should we get in touch with our local Authority to seek confirmation that there is no issue.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I am buying a new build house in Cheadle with the aid of help to buy. The sellers would not budge the amount so I negotiated 6k of fixtures and fittings instead. The estate agent told me not disclose to my solicitor about this side-deal as it would impact my mortgage with the bank. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder 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.
Hoping to buy a property located in Cheadle and I am already nervous. I couldn't find anything specific about Cheadle. Conveyancing will be needed in due course but do you know about the Cheadle area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Cheadle. In the meantime here are some basic statistics that we found
Can you provide any top tips for leasehold conveyancing in Cheadle from the point of view of expediting the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Cheadle can be avoided where you instruct lawyers as soon as your agents start advertising the property and request that they start to collate the leasehold documentation needed by the buyers’ solicitors. A minority of Cheadle leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If there is a history of conflict with your freeholder or managing agents it is essential that these are settled before the property is put on the market. The buyers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You may need to swallow your pride and pay any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to reveal the dispute as over as opposed to unsettled. You believe that you know the number of years left on your lease but it would be wise to verify this by asking your lawyers. A buyer’s conveyancer will be unlikely to recommend their client to where the remaining number of years is under 75 years. It is therefore important at an early stage that you identify whether the lease term for your property needs extending. If it does, contact your solicitors before you put your property on the market for sale.
I acquired a leasehold flat in Cheadle, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Similar flats in Cheadle with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease ends on 21st October 2085
With only 60 years remaining on your lease we estimate the price of your lease extension to be between £20,000 and £23,000 as well as 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 the actual costs in the absence of detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.