I am progressing with the sale of my house in Nantwich and the EA has just telephoned to warn that the buyers are swapping solicitor. I am told that this is due to the fact that the bank will only engage with solicitors on their approved list. Why would a major lender only work with certain lawyers rather the firm that they want to choose for their conveyancing in Nantwich ?
Mortgage companies have always had an approved set of law firms they are willing to work with, but in recent years big names such as Nationwide, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for over 25 years.
Mortgage companies blame a rise in fraud as the reason for the reduction – criteria have been narrowed as a smaller panel is easier to maintain. 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. 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. Your purchasers are unlikely to have any sway in the decision.
Due to move into my new home in Nantwich next Friday. My lawyer now wants me to supply her with proof of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the lender. What does the insurance need to cover?
Any lawyer on acting for lenders 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 Part 2 requirements. These obligations are not limited to conveyancing in Nantwich.
I am the registered owner of a freehold premises in Nantwich yet invoiced for rent, why is this and what is this?
It is rare for properties in Nantwich and has limited impact for conveyancing in Nantwich but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
How does conveyancing in Nantwich differ for newly converted properties?
Most buyers of new build premises in Nantwich contact us having been asked by the developer to sign contracts and commit to the purchase even before the residence is constructed. This is because new home sellers in Nantwich usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Nantwich or who has acted in the same development.
I need to retain a conveyancing solicitor for remortgage conveyancing in Nantwich. I have land on a site which appears to be the ideal solution If it is possible to get all formalities done via web that would be preferable. Do I need to be concerned? 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?
I’m about to sell my 2 bed flat in Nantwich. Conveyancing solicitors are to be appointed soon, however I have just had a half-yearly service charge invoice – Do I pay up?
It best that you clear the service charge as you normally would as all rents and service payments will be allotted on completion, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer until 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 invested in buying a leasehold flat in Nantwich, conveyancing having been completed 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable properties in Nantwich with a long lease are worth £191,000. The ground rent is £55 yearly. The lease finishes on 21st October 2078
With only 54 years remaining on your lease the likely cost is going to be between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.