I am one month into the sale of my apartment in Childwall and the estate agent has just e-mailed to warn that the buyers are changing their conveyancer. The reason given is that the lender will only work with solicitors on their approved list. On what basis would a leading lender only deal with certain lawyers rather the firm that they want to select for their conveyancing in Childwall ?
UK lenders have always had panels of law firms that can act for them, but in recent years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for more than 15 years.
Lending institutions blame a rise in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to maintain. 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 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. The buyers are unlikely to have any impact on this.
I have given 8 weeks notice to my existing landlord and must be out of my rented apartment in Childwall by the end of next month. Conveyancing for my house purchase is progressing. How realistic is it to complete in three weeks as don't want to have to find temporary accommodation?
The normal practice is not to give notice on a rental unless you have exchanged. Assuming that you have not already done so, contact to your lawyer and urge them to they cajole the owners side, try to get a realistic time scale from them that all parties will aim to achieve
Can your site be used to locate a Conveyancing solicitor in Childwall even if I’m not buying or selling a house, for instance if I want to buy a shop in Childwall with a mortgage from Bank of Ireland?
Our search tool is predominantly utilised to get a quote from domestic conveyancing solicitors in Childwall but we have listed towards the end of this page a few Childwall commercial conveyancing firms. You should enquire with the firm directly to check if they are also authorised to represent Bank of Ireland
I have been told that property searches are a common reason for obstruction in Childwall conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Childwall.
I am buying my first flat in Childwall benefiting from help to buy. The builders would not budge the price so I negotiated 6k of additionals instead. The property agent told me not disclose to my solicitor about this deal as it would adversely affect my loan with HSBC Bank. Is this normal?.
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.
Do you have any top tips for leasehold conveyancing in Childwall with the intention of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Childwall can be avoided where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold information needed by the buyers’ representatives. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example installed wooden flooring? Childwall leases often stipulate that internal structural alterations or laying down wooden flooring necessitate a licence from the Landlord approving such alterations. Where you dont have the paperwork in place do not communicate with the landlord without checking with your lawyer before hand. Some Childwall leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers put in hand 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. Many freeholders or Management Companies in Childwall charge for providing management packs for a leasehold home. You or your lawyers should discover the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of delay in leasehold conveyancing in Childwall.
I own a garden flat in Childwall, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Childwall with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 per annum. The lease ends on 21st October 2091
You have 67 years unexpired the likely cost is going to range between £10,500 and £12,000 plus legals.
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 comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns 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 before seeking the advice of a professional.