I am progressing with the sale of my flat in Stretford and the EA has just called to warn that the buyers are changing their law firm. The reason given is that the lender will only work with property lawyers on their approved list. Why would a major lender only engage with specific law firms rather the firm that they want to choose for their conveyancing in Stretford ?
UK lenders have always had an approved set of law firms that can represent them, but in the last few years big names such as Yorkshire Building Society, have reviewed and reduced their conveyancing panel– in some cases removing conveyancing firms who have worked with them for more than 15 years.
Lending institutions point to the increase in fraud by way of justification for the cull – criteria have been stiffened 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 says it is hearing daily from firms 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. The buyers are unlikely to have any impact on this.
We are purchasing a newbuild flat in Stretford with a mortgage from Lloyds TSB Bank.We use our Stretford conveyancing lawyer but Lloyds TSB Bank advised that she’s not on their "panel". we are left little option but to use a Lloyds TSB Bank panel lawyer or retain our high street solicitor and fork out for one of their panel ones to represent them. We feel as though this is unjust; is there anything we can do?
No, not really. The home loan offered to you contains various provisions, one of which will be that solicitors will be on the Lloyds TSB Bank conveyancing panel. Until recently, most lenders had large numbers of solicitors on their panels: a borrower could find 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 solicitors to apply to be on the conveyancing panel for Lloyds TSB Bank
We are purchasing a flat in Stretford. It might be a silly question but how we can trust a conveyancer? On the day of competition we will need to send our life savings into their account. What is the protection we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I currently have a mortgage with Yorkshire BS for my property in Stretford. Conveyancing was finalised months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Yorkshire BS?
Yorkshire BS must be informed of your intention prior to renting your property as this is likely to be a breach of Yorkshire BS’s mortgage conditions. It may be that Yorkshire BS will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Yorkshire BS directly. It should not be necessary to do this via a Yorkshire BS conveyancing panel firm.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Stretford building society branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Stretford conveyancing solicitor - who is on the lender conveyancing panel- called to say that they refuse to lend based on their published requirements. I simply don't know who is right.
The solicitor has to comply with the Council of Mortgage Lenders’ Handbook Part 2 requirements for your bank. Unless your lawyer obtains specific confirmation in writing that the mortgage company will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
2 months have elapsed since my purchase conveyancing in Stretford concluded. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
All being well we will complete the disposal of our £400,000 maisonette in Stretford in just under a week. The freeholder has quoted £300 for Certificate of Compliance, insurance certificate and previous years service charge statements. Is it legal for a freeholder to charge such fees for a flat conveyance in Stretford?
Stretford conveyancing on leasehold flats normally necessitates the purchaser’s conveyancer submitting enquiries for the landlord to answer. Although the landlord is not legally bound to answer such questions most will be willing to assist. They may invoice a reasonable charge for responding to enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the paperwork that you are referring to is over three hundred pounds, in some situations it exceeds £800. The administration charge levied by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration charges, without which the charge is not strictly payable. In reality one has little option but to pay whatever is demanded should you wish to exchange contracts with the buyer.
I inherited a 1 bedroom flat in Stretford, conveyancing formalities finalised January 2006. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Stretford with an extended lease are worth £211,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2093
With just 67 years left to run we estimate the premium for your lease extension to be between £10,500 and £12,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.
Whilst your website is a good idea there are many lawyers listed near Stretford being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the bank approved panel?
We are not in the business of recommending one firm above another as the right Stretford conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Stretford knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..