I am progressing with the sale of my ground floor flat in Wigan and the EA has just called to warn that the buyers are switching property lawyer. I am told that this is due to the fact that the mortgage company will only deal with solicitors on their approved list. On what basis would a leading lender only work with specific lawyers rather the firm that they want to appoint for their conveyancing in Wigan ?
UK lenders have always had an approved set of law firms they are willing to work with, 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 acted for them for more than 25 years.
Lending institutions point to the increase in fraud by way of justification for the reduction – criteria have been tightened 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 claims that it is hearing daily from firms that have been removed from panels. Some 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.
I purchased a freehold house in Wigan but still charged rent, why is this and what is this?
It’s unusual for properties in Wigan and has limited impact for conveyancing in Wigan 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 post 2037 will be dispensed with completely.
We're in Wigan, FTBs purchasing with a mortgage (lender is Coventry BS , and our lawyer is on the Coventry BS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Coventry BS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer 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.
I am a sole trader wishing to take an assignment of a lease of an office on a shopping parade. Can you recommend conveyancers offering no-move-no charges for non-domestic conveyancing in Wigan for less than £1,200?
We are happy to recommend firms who host a wealth of experience of commercial conveyancing in Wigan, including the sale and acquisition of businesses as well as simply premises. Whether you are hoping to purchase or dispose of a shop, pub, restaurant, office, retail unit or a complete business we can put you in touch with the right lawyer. As for the fees these will vary based on the structure and terms of the proposed transaction. Let us have your details or telephone us so that we may supply you with a fixed commercial conveyancing calculation.
Can you provide any advice for leasehold conveyancing in Wigan with the purpose of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Wigan can be reduced where you get in touch lawyers as soon as you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers. You may think that you are aware of the number of years left on your lease but it would be advisable double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the lease term is under 80 years. It is therefore important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. A minority of Wigan leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers put in hand bank and professional references. Any bank reference should make it clear that the buyer is able to meet the annual 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 actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. If there is a history of any disputes with your freeholder or managing agents it is very important that these are resolved before the property is marketed. The purchasers and their solicitors will be concerned about purchasing a property where a dispute is unsettled. You may need to swallow your pride and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of 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 clearly preferable to present the dispute as over rather than unsettled. If you are supposed to have a share in the Management Company, you should ensure that you are holding the original share certificate. Organising a replacement share certificate is often a time consuming formality and slows down many a Wigan home move. Where a reissued share is necessary, do contact the company director and secretary or managing agents (where relevant) for this sooner rather than later.
I invested in buying a ground floor flat in Wigan, conveyancing was carried out 4 years ago. How much will my lease extension cost? Comparable properties in Wigan with an extended lease are worth £221,000. The average or mid-range amount of ground rent is £50 levied per year. The lease expires on 21st October 2095
With just 70 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
Builders have put forward a solicitor and I've received an estimate from them. They are nearly two hundred pounds cheaper than my family Wigan property lawyer. What's the catch?
Developers frequently have lists of lawyers who are quick and who know the developer’s documentation and solicitor. Plenty of developers offer an incentive to use a preferred solicitor for this reason, any increased fees can be avoided and a developer won't suggest a conveyancing factory and run the risk of having the transaction stall when they need an exchange within a tight deadline. A counter-argument for not agreeing to use the suggested lawyer is that they may be reluctant to fight for your interests at the risk of alienating the developer. Where you have concerns that this may be the case you should keep with your high street Wigan property lawyer.