Me and my partner are buying a 1 bedroom apartment in Stretford with a mortgage. We like our Stretford lawyer, however the bank advise she’s not on their "panel". We have to appoint one of the lender panel firms or keep our Stretford conveyancing practitioner as well as pay for one of their panel lawyers to act for them. This feels very unfair; can we not require that the lender use our Stretford solicitor ?
Unfortunately,no. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower 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. Another option that might be available is for your Stretford conveyancing solicitor to apply to be on the conveyancing panel.
Would the conveyancing lawyers that you recommend perform attended exchange conveyancing in Stretford?
We do have a number of conveyancing specialists carrying out attended exchanges. You should contact us to receive a fee calculation and details as to dates.
I need some expedited conveyancing in Stretford as I am under pressure to complete inside one month. Luckily I do not require a mortgage. Is it possible to escape the need for conveyancing searches to save money and time?
If.Given you are are a cash buyer you have the choice not to have searches carried out although no conveyancer would recommend that you don't. Drawing on our experience of conveyancing in Stretford the following are instances of issues that can show up and therefore affect future saleability: Enforcement Actions, Outstanding Charges, Overdue Grants, Unadopted Roads,...
I own a 4 bedroom Victorian property in Stretford. Conveyancing solicitor represented me and Aldermore. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the matching property. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Stretford and other locations in the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also enquire as to the situation with your conveyancing solicitor who conducted the work.
I have been on the look out for a flat up to £245,000 and found one round the corner in Stretford I like with a park and transport links nearby, the downside is that it's only got 51 remaining years left on the lease. There is not much else in Stretford suitable, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage that many years may be a potential deal breaker. Reduce the price by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least 2 years you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
What advice can you give us when it comes to choosing a Stretford conveyancing practice to deal with our lease extension?
When appointing a conveyancer for your lease extension (regardless if they are a Stretford conveyancing practice) it is most important that they be familiar with the legislation and specialises in this area of conveyancing. We suggest that you talk with two or three firms including non Stretford conveyancing practices before you instructing a firm. If the firm is ALEP accredited then so much the better. The following questions might be helpful:
-
What volume of lease extensions have they carried out in Stretford in the last 12 months? How experienced is the firm with lease extension legislation?
I invested in buying a 1 bedroom flat in Stretford, conveyancing was carried out April 2010. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Stretford with over 90 years remaining are worth £216,000. The ground rent is £50 charged once a year. The lease finishes on 21st October 2094
With just 69 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.