I am five weeks into the sale of my home in Chorlton and the estate agent has just telephoned to warn that the buyers are appointing a new property lawyer. The reason given is that the bank will only deal with solicitors on their conveyancing panel. Why would a major lender only deal with specific lawyers rather the firm that they want to select to handle their conveyancing in Chorlton ?
Lenders have always had panels of law firms that can act for them, but in the last few years big names such as Lloyds Banking Group, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 15 years.
Banks blame a rise in fraud by way of justification for the cull – 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 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. The buyers are unlikely to have any sway in the decision.
Can I use your services to find a Conveyancing solicitor in Chorlton even if I’m not buying or selling a house, for example if I intend to acquire a shop in Chorlton with a loan from Virgin Money?
The service is primarily used to get a quote from domestic conveyancing solicitors in Chorlton but we have listed towards the bottom of this page some Chorlton commercial conveyancing firms. You should enquire with the solicitors directly to establish if they are also authorised to represent Virgin Money
I am about to put an offer on a leasehold property in Chorlton. The selling agents tell me that it is normal for flats in Chorlton to have less than 75 years left on the lease. I am getting a loan with Chelsea Building Society. Will the property be mortgageable given that the lease has 69 years unexpired.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 9/5/2022 the requirements read as follows :
When it comes to mortgage companies such as Yorkshire BS, do Chorlton lawyers face a fee to be on the conveyancing panel?
We are unaware of any lender fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
We previously instructed conveyancers located in Chorlton on the Co-operative solicitor panel. They are now charging me a further fee for the legal aspects of the Co-operative mortgage. Is this a supplemental conveyancing fee specified by Co-operative?
As unfair as it may appear, as long as it’s in their Terms of Engagement or estimate then yes your lawyer may levy a fee for this. This charge is not set by Co-operative but by your Chorlton conveyancing practitioner. Plenty of firms on the Co-operative panel will quote ’dealing with mortgage’ fee but many firms incorporate it on their overall fee.
Bank of Ireland have agreed my home loan in principle, my offer on a flat in Chorlton has been agreed to, now what?
The property agent will want to know who your solicitors are (ensure that the conveyancing practitioners are on the bank’s panel). Call up Bank of Ireland or your broker and finish off any outstanding forms. Bank of Ireland will appoint a valuer who will get in contact with the estate agent or owners to book a time for the valuation to occur. Once carried out (assuming no problems) it takes about a week to get a mortgage offer. Bank of Ireland will issue the offer to you and your conveyancing practitioners. The transaction will then take it’s course according the nature and complexity of the conveyancing in Chorlton.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Chorlton?
Covenants that are restrictive in nature 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 searching for an affordable conveyancing lawyer in Chorlton to assist me in selling my apartment. I I am concerned about by bill escalating out of control but with plenty Chorlton conveyancing organisations out there...how do I know which one is best to select?
Where you’ve never used a property lawyer in the past, a personal recommendation through family or friends is a great place to start and is often a good gauge of quality. As an alternative option, view the Law Society’s online record of lawyers in Chorlton or make the most of our search tool to choose a conveyancing lawyer in Chorlton.