Why is leasehold purchase conveyancing in Greater Manchester is more expensive?
In summary, leasehold conveyancing in Greater Manchester and elsewhere usually requires more work compared to freehold conveyancing. This includes reviewing the lease, corresponding with the landlord about serving required notices, procuring up-to-date service charge and management information, obtaining the freeholder’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – no matter how many different proprietor have owned the lease since it was first entered into.
I am about to put an offer on a leasehold apartment in Greater Manchester. The estate agents assure me that it is the norm for flats in Greater Manchester to have less than 75 years remaining. I am expecting a loan with Chelsea Building Society. Is this going to be a problem if the lease has 70 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Chelsea Building Society have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 10/5/2024 the requirements read as follows :
Is it the case that all Greater Manchester solicitor practices on the Lloyds conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Lloyds conveyancing panel they would need to be regulated by the Solicitors Regulatory Authority. Many lenders do allow licenced conveyancers on their panel in which case such organisation would be overseen by the CLC.
We are getting the release of further monies on our mortgage from Coventry BS as we intend to conduct renovations to our home in Greater Manchester. Do we need to select a bricks and mortar Greater Manchester solicitor on the Coventry BS conveyancing panel to handle the paperwork?
Coventry BS don't usually appoint a member of their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Coventry BS list.
I've read lots of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Greater Manchester solicitor - who is on the Bank of Ireland conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Bank of Ireland will need an independent valuation of the property. Your lawyer will not arrange this. Usually Bank of Ireland will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Greater Manchester surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am buying a house and the solicitor has raised the issue of Chancel Repair for which the property may be liable given it’s proximity to the area of such a church. He has suggested insurance. Is this really necessary for conveyancing in Greater Manchester
Unless a prior acquisition of the house took place after 12 October 2013 you may assume that lawyers conducting conveyancing in Greater Manchester to continue to recommend a chancel search and or insurance against a claim.
Looking forward to complete next month on a studio apartment in Greater Manchester. Conveyancing lawyers have said that they are sending me a report next week. What should I be looking out for?
The report on title for your leasehold conveyancing in Greater Manchester should include some of the following:
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Ground rent - what is payable and what the invoice dates are, and be on notice if this is subject to change You should be sent a copy of the lease Advice concerning the obligations in the lease to pay service charges - in respect of the block, and the more general rights a leaseholder enjoys What options are available to the landlord where you are in breach of your lease terms?
I purchased a ground floor flat in Greater Manchester, conveyancing was carried out half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Greater Manchester with a long lease are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease ends on 21st October 2091
With only 67 years unexpired we estimate the price of your lease extension to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. 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. You should not take any other action placing reliance on this information before getting professional advice.
My fiance and I are hoping to buy a four room housein Greater Manchester with a residential mortgage from a mortgage company. We would like to retain our lawyer in Greater Manchester yet our bank inform us now that she’s not listed on their "panel". Apparently we need to choose from the our lender panel solicitors or stay with our Greater Manchester solicitor and pay for one of their panel ones to represent our lender. We feel as though this is unjust; is there anything we can do?
No, not really. The bank home loan issued is subject to its terms and conditions, one of which will be that solicitors will on the lender's conveyancing panel. Until recently, most banks had open panels, including many conveyancing solicitors in Greater Manchester : a mortgagee 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 lawyer to apply to be on the conveyancing panel for your lender.