I am nearing exchange of contracts for my flat in Chorlton and the estate agent has just e-mailed to say that the buyers are swapping solicitor. The reason given is that the lender will only engage with property lawyers on their approved list. On what basis would a major lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Chorlton ?
Lenders have always had panels of law firms that can act for them, but in the past few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been tightened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is hearing daily from firms that have been removed from panels. Plenty of firms 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 purchasers are unlikely to have any sway in the decision.
The Chorlton conveyancing lawyers that just started acting on my house acquisition in Chorlton have suddenly shut down. I chose them because I needed a lawyer on the Principality conveyancing panel and my family Chorlton lawyer was not. I paid them money on account. What do I do now?
If you have an estate agent involved then let them know immediately so that they can let the sellers know that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the Principality conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Chorlton?
There are many registered licenced Conveyancers in Chorlton and Solicitor practices in Chorlton who provide Conveyancing services We would stress that both are regulated professionals specialising in the legal work in the home buying process. The two can handle associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
We have agreed to purchase a house in Chorlton. An unusual aspect is that the roof has a solar panel. Santander have issued a mortgage offer so presumably this is not a concern to them. Why is my solicitor raising questions about the panel?
Given that you are obtaining a mortgage with Santander your lawyer must check the conveyancing requirements contained in Part two of UK Finance Lenders’ Handbook for Santander. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and conveyancing practitioners are required to report to Santander where a lease does not comply with these conditions. The provisions relate to the installation of panels on properties nationwide and is not limited to Chorlton.
I can not fathom if my bank requires a lease extension. I have called into my local Chorlton building society branch on numerous occasions and was told they are content with the situation and they will lend. My Chorlton conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they refuse to lend based on their specific requirements. Who do I believe?
As long as the conveyancing practitioner is on the lender approved list, she or he must adhere to the Council of Mortgage Lenders’ Handbook requirements for the bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Are there restrictive covenants that are commonly picked up during conveyancing in Chorlton?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Chorlton. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am in need of some leasehold conveyancing in Chorlton. Before I set the wheels in motion I would like to find out the remaining lease term.
Assuming the lease is registered - and almost all are in Chorlton - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a studio flat in Chorlton, conveyancing formalities finalised in 2005. Can you work out an approximate cost of a lease extension? Corresponding flats in Chorlton with a long lease are worth £206,000. The ground rent is £45 levied per year. The lease comes to an end on 21st October 2092
With only 67 years unexpired we estimate the price of your lease extension to be between £10,500 and £12,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
What type of premises does your Chorlton conveyancing estimates relate to?
Our conveyancing quotes are only applicable to standard residential homes in England & Wales. Where you have any different needs for instance industrial or agricultural land or commercial conveyancing in Chorlton you should telephone us to discuss your requirements .