I am one month into the sale of my ground floor flat in Stretford and the estate agent has just called to warn that the buyers are changing their conveyancer. The excuse is that the mortgage company will only work with property lawyers on their approved list. Why would a leading mortgage company only engage with specific law firms rather the firm that they want to choose to handle their conveyancing in Stretford ?
Lenders have always had panels of law firms they are willing to work with, but in the last few years big names such as Nationwide, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have acted for them for more than 25 years.
Banks blame a rise in fraud by way of justification for the pruning – criteria have been stiffened as a smaller panel is easier to keep an eye on. Banks tend not to reveal how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society claims that 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 buyers are not going to have any impact on this.
Why is leasehold purchase conveyancing in Stretford is more expensive?
Stretford leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
We're in Stretford, First time buyers purchasing with a mortgage (lender is RBS , and our lawyer is on the RBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the RBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Should commercial conveyancing searches reveal impending roadworks that could impact a commercial estate in Stretford?
Many commercial conveyancing solicitors in Stretford will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Stretford. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Stretford.
For every commercial conveyancing transaction in Stretford it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been dealt with adequately can cause delays to Stretford commercial conveyancing transactions as well as present a risk to future intentions for the site. These searches are not ordered for residential conveyancing in Stretford.
Over the last few months I have been searching for a ground for flat up to £245,000 and found one round the corner in Stretford I like with open areas and transport links in the vicinity, however it only has 51 years on the lease. There is not much else in Stretford for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you require a home loan that many years will likely be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least twenty four months you may request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing solicitor about this.
I need to instruct a conveyancing practitioner in Stretford for my house move. Is there any facility to check a firm’s record with the legal regulator?
You may see documented Solicitor Regulator Association (SRA) determinations arising from investigations commenced on or after 1 January 2008. Go to Check a solicitor's record. For information Pre 2008, or to check a solicitors history, ring 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The SRA sometimes monitor telephone calls for training purposes.