I am progressing with the sale of my ground floor flat in Pendlebury and the estate agent has just called to advise that the purchasers are switching conveyancer. I am told that this is due to the fact that the lender will only work with solicitors on their approved list. Why would a major lender only engage with specific solicitors rather the firm that they want to appoint to handle their conveyancing in Pendlebury ?
Mortgage companies have always had an approved set of law firms that can act for them, but in recent years big names such as Santander, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for decades.
Lending institutions blame a rise in fraud by way of justification for the cull – criteria have been tightened as a smaller panel is easier to monitor. 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 unlikely to have any sway in the decision.
Would the conveyancing solicitors listed on your site conduct attended exchange conveyancing in Pendlebury?
We do have a number of conveyancing experts carrying out 24hr exchanges. You should call us to get a costs illustration and details as to dates.
I own a freehold property in Pendlebury but still pay rent, why is this and what is this?
It’s unusual for properties in Pendlebury and has limited impact for conveyancing in Pendlebury 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
I have been sourcing a conveyancing lawyer in Pendlebury for my remortgage. Is it possible to review a firm’s complaints history with the profession’s regulator?
You may see documented Solicitor Regulator Association (SRA) determinations arising from inquisitions from 2008 onwards. Visit Check a solicitor's record. To find records Pre 2008, or to check a firm's history, call 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. International callers, dial +44 (0)121 329 6800. The SRA sometimes monitor call for training reasons.
Can you provide any advice for leasehold conveyancing in Pendlebury from the point of view of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Pendlebury can be reduced where you appoint lawyers the minute your agents start marketing the property and request that they start to collate the leasehold documentation needed by the buyers’ solicitors. If there is a history of any disputes with your landlord or managing agents it is essential that these are resolved prior to the flat being marketed. The purchasers and their solicitors will be nervous about purchasing a property where there is an ongoing dispute. You will have to accept that you will have to pay any arrears of service charge or resolve 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 particulars of the dispute to the purchasers, but it is better to reveal the dispute as over rather than ongoing. You may think that you are aware of the number of years remaining on your lease but you should double-check via your solicitors. A purchaser's lawyer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is less than 80 years. In the circumstances it is essential at an early stage that you identify whether the lease for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. A minority of Pendlebury leases require Licence to Assign from the landlord. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying 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 service charge figures so that they can pass this information on to the buyers or their solicitors.
Leasehold Conveyancing in Pendlebury - A selection of Queries before buying
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How many of the leaseholders are in arrears for their maintenance charge payments? The prefered form of lease arrangement is a share of the freehold. In this arrangement the tenants enjoy being in charge if their destiny and notwithstanding that a managing agent is frequently employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves.
We are midway through buying a house in Pendlebury. Conveyancing lawyer has told us the title is "Leasehold". Should this make a difference on our Natwest valuation?
Pendlebury conveyancing does not usually involve leasehold houses. The key factor here is the unexpired lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's essentially freehold, so it’s unlikely to affect the saleability significantly.
At the other end of the spectrum, if it's, say, fifty five years it will have a significant impact on the saleability, and probably wouldn't be mortgageable. The length of lease and ground rent will be stated in the lease which should be made available to your solicitor.