Much to our surprise we have been notified by our mortgage adviser that my Manchester solicitor is not on the bank Conveyancing panel. What can I do to be certain that this is indeed the case?
The sensible course of action for you to take is to call your Manchester lawyer directly. It is reasonable to expect your lawyer to inform you what has happened. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Manchester?
Two types of professional can execute conveyancing in Manchester namely CLC regulated conveyancers or solicitors. Both professionals provide the legal services that you need to complete the sale or purchase of property. Both are duty bound to perform Manchester conveyancing on similar quality and guidelines so you can be safe in the knowledge that your conveyancing will be properly administered and that the requisite steps should be accurately attended to.
After shopping around on the internet I have found a Manchester lawyer having checked that they are on the HSBC conveyancing panel. Does my lawyer arrange the survey of the property?
HSBC will need an independent valuation of the property. Your lawyer will not arrange this. Usually HSBC 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.
I have finally had an offer on a flat in Manchester agreed to, but there is a chain. The sellers have placed an offer on a property, but it’s not yet tied up, and have viewings of other flats booked. I have instructed a nearby conveyancing solicitor in Manchester. What do I do now? At what stage do I apply for the mortgage with Yorkshire BS?
It is understandable to have apprehensions where there is a chain as you are unlikely to want to incur expenses too early (mortgage application is approx £1k, then valuation, Manchester conveyancing search costs, etc). The first thing to do is check that your lawyer is on the Yorkshire BS approved list. Concerning the next steps this very much dictated by the circumstances of your transaction, desire for this property and on the state of the market. During a rising market many buyers will apply for a home loan with Yorkshire BS and pay for the valuation and only if it comes back ok would they request their conveyancing practitioner to proceed with the conveyancing in Manchester.
I am buying my first flat in Manchester with a loan from Coventry Building Society. The developers would not budge the price so I negotiated £7000 of extras instead. The property agent told me not inform my lawyer about the extras as it could impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I need to retain a conveyancing solicitor for my conveyancing in Manchester. I've stumble across a web site which appears to be the perfect answer If it is possible to get all this stuff done via phone that would be ideal. Do I need to be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I've recently bought a leasehold flat in Manchester. Do I have any liability for service charges for periods before my ownership?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I inherited a studio flat in Manchester, conveyancing having been completed June 2007. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Manchester with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2092
With 71 years left to run the likely cost is going to range 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 cannot give you the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
My partner and I have AIP from Nottingham Building Society who said that they will lend up to £350k. At what point do I need to instruct a practitioner for conveyancing? Manchester is where we are buying.
You can appoint a lawyer now requesting that they open a file for you. This will trigger: 1) the estate agent to send out the Sales Memorandum to the relevant parties 2) the seller’s lawyer to submit the draft agreement. However, do not ask your solicitor to order searches until you have your valuation report from Nottingham Building Society and you are happy to proceed.