My husband and I are intending to acquire a 3 bedroom flat in Stalybridge with a mortgage. We wish to retain our Stalybridge lawyer, but the lender advise he's not on their "panel". We have to appoint one of the lender panel solicitors or continue with our Stalybridge lawyer as well as pay for one of their panel firms to represent them. We regard this is inequitable; is there anything we can do?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the bank’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. A further alternative is for your Stalybridge conveyancing lawyer to apply to be on the conveyancing panel.
Would the conveyancing lawyers indexed on your site conduct right to buy conveyancing in Stalybridge?
We work with a number of conveyancing solicitors carrying out right to buy conveyancing You should get in touch with the solicitors listed with a view to get a costs illustration.
Please explain the implications if my lawyer’s firm is suspended from the Virgin Money Conveyancing panel ahead of completing my conveyancing in Stalybridge?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
My wife and I purchased a terraced Victorian property in Stalybridge. Conveyancing practitioner acted for me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stalybridge and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing solicitor who conducted the purchase.
I only have 62 years unexpired on my flat in Stalybridge. I need to get lease extension but my freeholder is missing. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. However, you will be required to demonstrate that you have made all reasonable attempts to locate the freeholder. In some cases a specialist should be helpful to carry out a search and prepare a report which can be used as proof that the landlord can not be located. It is wise to seek advice from a conveyancer both on devolving into the landlord’s disappearance and the application to the County Court covering Stalybridge.
I am the registered owner of a ground floor flat in Stalybridge, conveyancing was carried out 4 years ago. Can you work out an approximate cost of a lease extension? Comparable flats in Stalybridge with a long lease are worth £206,000. The ground rent is £45 levied per year. The lease expires on 21st October 2090
You have 66 years left to run the likely cost is going to span between £11,400 and £13,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
I have miscalculated my finances and am a couple of thousand pounds short a 10% deposit on my apartment purchase in Stalybridge , but I am anxious proceed. What can I do?
You can agree a lesser deposit. Most sellers will accept a smaller deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute