I am in the process of selling my house in Hulme and the EA has just text me to warn that the purchasers are appointing a new property lawyer. I am told that this is due to the fact that the lender will only work with property lawyers on their conveyancing panel. On what basis would a big named lender only deal with specific lawyers rather the firm that they want to select for their conveyancing in Hulme ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for many years.
Lenders point to the increase in fraud as the reason for the reduction – criteria have been stiffened as a smaller panel is easier to oversee. No lender will say 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. 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 buyers are not going to have any impact on this.
As someone unfamiliar with the Hulme conveyancing process what is the number one tip you can give me for the house moving process in Hulme
Not many law firms shout this from the rooftops but conveyancing in Hulme and elsewhere in Greater Manchester is an adversarial experience. In other words, when it comes to conveyancing there is lots of room for confrontation between you and other parties involved in the home moving process. For instance, the vendor, property agent and on occasion your lender. Appointing a lawyer for your conveyancing in Hulme an important selection as your conveyancer is your adviser, and is the SOLE person in the process whose interest is to act in your best interests and to keep you safe.
Sometimes a third party with a vested interest may try and persuade you that you should follow their advice. For instance, the estate agent may claim to be assisting by claiming that your lawyer is slow. Or your financial adviser may advise you to do something that is against your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
We hope to to purchase with Norwich and Peterborough Building Society. We have called around locally yet am struggling to find a Hulme conveyancing firm on the Norwich and Peterborough Building Society panel. Could you help?
Feel free to make use of the search tool on this web page. Please choose the mortgage company and type Hulme or your preferred area and you will see numerous solicitors offices in Hulme or near you.
Can you point me to a directory of Co-operative panel conveyancers in Hulme on the Council of Mortgage Lender’s Website?
No. There is no such tool on the Council of Mortgage Lenders or Building Society Association websites. Very few mortgage companies make their panel listings visible over the internet. Where you are seeking to appoint a Hulme conveyancing practitioner on the Co-operative please use our tool.
I had a mortgage agreed in principle with Barclays. Hulme conveyancing practitioners were instructed. What is the average time that one could expect to receive a mortgage offer from Barclays?
There is no definitive answer here. Have Barclays done the survey? Have you advised Barclays as to your lawyers' details and checked that your lawyers are on the Barclays conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I have today made my last payment due on my mortgage with Barclays. I assume I don't need a Hulme lawyer on the Barclays panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your Barclays mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Barclays mortgage from the register. Barclays, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Barclays has sent the Land Registry the discharge electronically, and
- Barclays has instructed the Land Registry to do so
I need to retain a conveyancing solicitor for leasehold conveyancing in Hulme. I happened to discover a site which seems to have the ideal answer If it is possible to get all formalities done via phone that would be preferable. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
Do you have any advice for leasehold conveyancing in Hulme with the purpose of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Hulme can be reduced where you instruct lawyers the minute your agents start marketing the property and ask them to put together the leasehold documentation needed by the buyers’ conveyancers. In the event that you altered the property did you need the Landlord’s consent? Have you, for example installed wooden flooring? Hulme leases often stipulate that internal structural changes or installing wooden flooring necessitate a licence issued by the Landlord approving such works. Should you dont have the consents to hand you should not contact the landlord without checking with your solicitor first. If there is a history of any disputes with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unsettled. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic as opposed to unsettled. A minority of Hulme 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 actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. You believe that you know the number of years remaining on your lease but you should verify this via your lawyers. A buyer’s lawyer will not be happy to advise their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you consider whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
I inherited a leasehold flat in Hulme, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Hulme with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease expires on 21st October 2079
With only 54 years left to run we estimate the price of your lease extension to range between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.