I'm in the process of transferring my existing standard home loan to a BTL The Mortgage Works mortgage. I have been informed by my broker that I must appoint a lawyer as part of the process. I got in contact with my previous Manchester conveyancing solicitor who who did the conveyancing when I originally bought the property. The costs illustration they've given of £470 has shocked me as its a refinance than a sale or purchase.
The estimate does seem a tad overpriced. If you shop around you might get the conveyancing a bit cheaper by perhaps £100 plus VAT. On the other hand, providing that you were pleased with the assistance the firm gave you couldcome to rue opting for an an unknown solicitor. Remember to ensure the conveyancer can act for The Mortgage Works. You can make use of our search tool to get a quote a Manchester conveyancing firm on the The Mortgage Works approved list of lawyers, which can often include conveyancing solicitors in Manchester.
What does my ID and proof of funds have anything to do with my conveyancing in Manchester? What am I being asked for?
To satisfy the Money Laundering Regulations any Manchester conveyancing firm will require proof of identity in all conveyancing transactions. This is usually satisfied by provision of a passport and an original bank statement or utility account evidencing your correct address.
Under Money Laundering Regulations, conveyancing solicitors are duty bound to investigate not only the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this may lead to your lawyer cancelling their retainer with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers are duty bound to inform the relevant authorities should they consider that any amounts received by them may contravene the Anti-terror and anti-money-laundering rules.
I have an AIP. The lender mentioned the mortgage came with free conveyancing. Does this mean I have to appoint their panel lawyer as I would prefer to use a local conveyancing solicitor in Manchester?
Do check but the chances are that appoint one of their panel solicitors if you take up the "fee-free" offer. Speak to the bank and determine if they allow a cash alternative. Some mortgage companies have previously offered a £250 cashback as a further option in which case that money can go towards your preferred conveyancing solicitor near Manchester.
We expect to receive a AIP from Leeds Building Society this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Leeds Building Society recommend any Manchester solicitors on the Leeds Building Society conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Manchester solicitors independently although you'll need to choose one on the Leeds Building Society conveyancing panel. The solicitor represents both you and Leeds Building Society through the process.
I have paid off my mortgage with Co-operative. I assume I don't need a Manchester conveyancer on the Co-operative panel to remove the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I've read lots of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Manchester solicitor - who is on the Clydesdale conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale 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 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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Manchester I like with a park and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Manchester for this price, so just wondered if I would be making a mistake buying a short lease?
Should you require a mortgage that many years may be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I own a leasehold house in Manchester. Conveyancing and Santander mortgage organised. I have received a letter from someone claiming to own the freehold. It included a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Manchester who previously acted has long since retired. Any advice?
The first thing you should do is make enquiries of the Land Registry to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to instruct a Manchester conveyancing lawyer to do this as it can be done on-line for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I invested in buying a split level flat in Manchester, conveyancing formalities finalised in 1997. How much will my lease extension cost? Similar properties in Manchester with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2095
You have 69 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.