My partner and I are purchasing a new build apartment in Levenshulme and my lawyer is advising me that she is duty bound to the lender to disclose incentives from the seller. I am on a tight deadline to exchange and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a lender panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I own a freehold residence in Levenshulme but still invoiced for rent, why is this and what is this?
It is rare for properties in Levenshulme and has limited impact for conveyancing in Levenshulme 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 date back many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges post 1977.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be dispensed with completely.
My lawyer in Levenshulme is not listed on the Lloyds TSB Bank Approved Panel. Is it possible for me to use my family solicitor notwithstanding that they are excluded from the Lloyds TSB Bank panel?
Your options are as follows:
- Carry on with your existing Levenshulme solicitors but Lloyds TSB Bank will need to instruct a conveyancer on their panel. This will inevitably rack up the total legal fees as well as result in delays.
- Get a new lawyer to act in the conveyancing, obviously checking they are Convince your conveyancer to do everything within their powers to join the Lloyds TSB Bank conveyancing panel
How do I identify a Levenshulme solicitor on the The Royal Bank of Scotland conveyancing panel? I have wheels and am prepared to travel upto 25miles to meet the lawyer.
You can use the search on this website. Please pick a lender and your location and you will see a number of Levenshulme conveyancing lawyers located nearest you. We have listed some Levenshulme conveyancing firms at the bottom of this page and you can telephone them to see whether they are on the The Royal Bank of Scotland panel
What are your top tips when it comes to appointing a Levenshulme conveyancing firm to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Levenshulme conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with two or three firms including non Levenshulme conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions could be helpful:
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If they are not ALEP accredited then what is the reason?
I bought a 1 bedroom flat in Levenshulme, conveyancing was carried out June 1998. Can you work out an approximate cost of a lease extension? Comparable properties in Levenshulme with an extended lease are worth £195,000. The ground rent is £45 invoiced every year. The lease ceases on 21st October 2087
With just 63 years left to run we estimate the price of your lease extension to be between £16,200 and £18,600 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
Whilst your website is a good idea there are many lawyers listed near Levenshulme being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the lender approved panel?
We are not in the business of recommending one firm above another as the right Levenshulme conveyancing solicitor for you depends on where your priorities lie. For example you may require a local firm with Levenshulme 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..