I am progressing with the sale of my ground floor flat in Stockport and the EA has just telephoned to say that the buyers are swapping conveyancer. The excuse is that the bank will only work with property lawyers on their approved list. On what basis would a leading mortgage company only work with specific lawyers rather the firm that they want to select to handle their conveyancing in Stockport ?
Lenders have always had an approved set of law firms that can act for them, but in the last few years big names such as Santander, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for decades.
Banks blame a rise in fraud by way of justification for the cull – criteria have been stiffened as a smaller panel is easier to keep an eye on. No lender will say how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms are unaware that 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 not going to have any sway in the decision.
Can you explain why leasehold purchase conveyancing in Stockport costs more?
Stockport leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
My father advised me that in purchasing a property in Stockport there could be various restrictions affecting the ability to carry out external alterations to a property. Is this right?
There are anumerous of properties in Stockport which have some sort of restriction or requirement of consent to execute external changes. Part of the conveyancing in Stockport should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I'm in the process of looking at apartments in Stockport and I am about to put in an offer. Should I already have a conveyancing practitioner appointed at this stage? I intend to finance via a mortgage with TSB.
It would be sensible to start your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their details on to the estate agent. Given that you are taking out a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
At last I have had an offer on a maisonette in Stockport agreed to, but there is a chain. The vendors have put an offer on a property, however it’s not yet tied up, and are looking at other apartments in the pipeline. I have chosen a nearby conveyancing solicitor in Stockport. What do I do now? At what point do I apply for the mortgage with RBS?
It is normal to have apprehensions where there is a chain as you are unlikely to want to incur costs too early (mortgage application is approx one thousand pounds, then valuation, Stockport conveyancing search charges, etc). The first thing to do is check that your conveyancer is on the RBS approved list. Concerning the subsequent steps this very much dictated by the circumstances of your transaction, attraction to this property and on the state of the market. In a buoyant market some home buyers would apply for the mortgage with RBS and arrange for the valuation and only if it comes back ok would they ask their property lawyer to proceed with searches.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a quick, no chain conveyancing. Stockport is the location of the property. Is there any guidance you can give?
Flying freeholds in Stockport are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stockport you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stockport may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am selling my house. My former lawyers closed down. I am in need of a recommendation of a conveyancing firm. I happen to live in Stockport if that makes things easier.
Do use our search tool to help you choose a solicitor for your conveyancing in Stockport. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
When it comes to my conveyancing in Stockport should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Stockport conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the solicitor's time in submitting the funds this way.