We are hoping to buy a 1 bedroom apartment in Old Swan with a mortgage. We like our Old Swan solicitor, but the mortgage company advise she’s not on their "panel". We have to appoint one of the bank panel firms or keep our Old Swan conveyancer as well as pay for one of their panel ones to act for them. This seems very unfair; can we not insist that the bank use our Old Swan conveyancing practitioner ?
Unfortunately,no. The mortgage offered to you is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Old Swan conveyancing lawyer to apply to be on the conveyancing panel.
We note that you have a search directory identifying law firms on the Aldermore conveyancing panel. Do firms pay you a commission if I instruct them for our conveyancing in Old Swan?
We are a listing service only for law firms wishing to communicate if they are on the Aldermore conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Old Swan.
I am the single recipient of my late mum's will with all property in now in my sole name, including the my former home in Old Swan. Conveyancing formalities meant that the Land Registry date was in December. I want to move. I understand that there is a Mortgage Lenders 6 month 'rule', meaning my proprietorship could be treated the same way as if I'd bought the property in December. Is the property unsalable for six months?
The Council of Mortgage Lenders’ handbook obliges conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you could be affected by that. Most banks would take a pragmatic view as this obligation principally exists to identify subsales or the wholesaling and assigning of properties.
Two weeks ago we had a mortgage agreed in principle with Principality. Old Swan conveyancing solicitors were appointed. What is the average time that one could expect to receive a mortgage offer from Principality?
Some lenders take longer than others. Have Principality done the valuation? Have you informed Principality as to your lawyers' details and checked that your lawyers are on the Principality conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I had an offer accepted on a property in Old Swan on 2/12/2025, valuation was booked 4 days later, received a clean bill of health. Property lawyer appointed, so all that was missing was my mortgage offer. Having made daily calls to HSBC and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the HSBC conveyancing panel. Are HSBC entitled to hold back the Mortgage pending the lawyer being on the approved list?
A lender would not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for HSBC to deal with your lawyer's application to be on the HSBC conveyancing panel. There's no guarantee that your solicitor will be accepted.
What can a local search reveal about the house my wife and I purchasing in Old Swan?
Old Swan conveyancing often starts with the submitting local authority searches directly from your local Authority or through a personal search company for example Onsearch The local search plays a central role in many a Old Swan conveyancing purchase; as long as you don’t want any nasty once you have moved into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic areas.
Is it best to go with a Old Swan conveyancing lawyer who is local to the property I am purchasing? An old friend can conduct the legal formalities but they are based 300kilometers drive away.
The benefit of a local Old Swan conveyancing practice is that you can drop in to sign documents, present your ID and apply pressure on them where appropriate. Having local Old Swan know how is a benefit. However nothing is more important than finding someone that will pull out all the stops for you. If you know people who instructed your friend and in the main were happy that must trump using an unknown Old Swan conveyancing lawyer solely due to them being local.
I am attracted to a two maisonettes in Old Swan which have about 50 years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Old Swan is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the property. For most purchasers and mortgage companies, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Old Swan conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Old Swan Leasehold Conveyancing - Examples of Queries Prior to buying
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This information is helpful as a) areas can result in problems in the block as the communal areas may start to deteriorate if services remain unpaid b) if the leasehold owners have a dispute with the managing agents you will wish to have full disclosure Its a good idea to discover as much as possible regarding the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are frequently in the clutches of the managing agents both financially and when it comes to daily issues like the upkeep of the common parts. Ask prospective neighbours what they think of them. In conclusion, find out the dates that you are obliged pay the service charge to the managing agents and specifically what it includes. It would be wise to enquire if the the lease includes any unreasonable restrictions in the lease. By way of example some leases prohibit pets being permitted in in a block in Old Swan. If you like the flatin Old Swan yet your cat is not allowed to live with you then you will be faced difficult choice.