I can't travel far from Gatley. I would like to know the reason why all Gatley solicitors aren't included on all lender panels?
Lenders highlight the fact that solicitor-led fraud is thought to be responsible for millions of pounds of fraud annually.The removal of law firms off of lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which kicked off a major policy change in the sector. This resulted in lenders removing less reputable firms off their books of approved conveyancers .
All was ready to complete my purchase in Gatley next Monday. I have now been asked to send a copy of my building insurance schedule by my solicitor as as she informs me that she is duty bound to validate that it is in order for the lender. What risks does the mortgage company expect the insurance to cover?
Any lawyer on acting for mortgage companies would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s UK Finance Lenders’ Handbook requirements. These obligations are not unique to conveyancing in Gatley.
My Conveyancer in Gatley has never been on on the Halifax Solicitor Panel. Is it possible for me to continue with my prefered solicitor notwithstanding that they are excluded from the Halifax list of approved lawyers?
Your options are as follows:
- Carry on with your existing Gatley lawyers but Halifax will need to retain a solicitor on their list of acceptable firms. This will result in additional overall legal charges as well as result in frustration.
- Choose an alternative solicitor to act in the conveyancing, not forgetting to check they are Halifax approved.
- Try to convince your Halifax based solicitor to try to join the Halifax panel
I'm buying a new build house in Gatley with a loan from Nationwide Building Society. The developers refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The estate agent told me not inform my solicitor about the side-deal as it will adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
Am I best advised to appoint a Gatley conveyancing lawyer based in the area that I am buying? We have a good friend who can carry out the conveyancing but they are based 300miles drive away.
The benefit of a local Gatley conveyancing firm is that you can pop in to sign documents, deliver your ID and pester them where appropriate. They will also have local knowledge which is a plus. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and the majority were impressed that must outweigh using an unknown Gatley conveyancing solicitor solely due to them being based in the area.
I have just started marketing my garden flat in Gatley. Conveyancing lawyers have not yet been instructed, however I have recently had a quarterly service charge invoice – Do I pay up?
The sensible thing to do is clear the maintenance contribution as normal as all ground rent and service payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I bought a 1 bedroom flat in Gatley, conveyancing was carried out February 1995. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Gatley with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease finishes on 21st October 2095
With just 75 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.