Me and my partner are purchasing a 1 bedroom apartment in Bardsley with a mortgage. We have a Bardsley solicitor, but the bank advise she’s not on their "panel". We have to appoint one of the bank panel solicitors or keep our Bardsley property lawyer as well as pay for one of their panel firms to act for them. This feels very unfair; is there anything we can do?
Unfortunately,no. The mortgage offered to you 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. A further alternative is for your Bardsley conveyancing lawyer to apply to be on the conveyancing panel.
Is there a reason why leasehold purchase conveyancing in Bardsley is more expensive?
In summary, leasehold conveyancing in Bardsley and Greater Manchester usually necessitates extra due diligence compared to freehold transactions. This includes analysing the lease terms, corresponding with the landlord concerning serving required notices, securing current service charge and management information, procuring the landlord’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 owners have owned the lease since it was first entered into.
My Solicitor in Bardsley has never been on on the TSB Solicitor Panel. Is it possible for me to continue with my prefered solicitor even though they are not on the TSB list of approved lawyers?
The limited options open to you here include:
- Carry on with your existing Bardsley solicitors but TSB will need to retain a solicitor on their panel. This will result in additional total legal fees as well as cause frustration.
- Get an alternative lawyer to to deal with the purchase, remembering to check they are TSB approved.
- Try to convince your TSB based solicitor to seek to join the TSB panel
Am I better off to instruct a Bardsley conveyancing solicitor who is local to the property I am buying? I have an old university friend who can conduct the legal work however his firm is located a couple of hundredkilometers away.
The benefit of a local Bardsley conveyancing firm is that you can drop in to execute paperwork, hand in your identification documents and apply pressure on them where appropriate. They will also have local intelligence which is a benefit. However it's more important to get someone that will pull out all the stops for you. If you know people who used your friend and in the main were happy that must trump using an unknown Bardsley conveyancing solicitor solely due to them being based in the area.
Estate agents have just been given the go-ahead to market my garden flat in Bardsley. Conveyancing solicitors are to be appointed soon, however I have just had a half-yearly maintenance charge invoice – should I leave it to the buyer to sort out?
The sensible thing to do is discharge the invoice as normal because all rents and maintenance invoices should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the buyer for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I purchased a 1 bedroom flat in Bardsley, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Bardsley with over 90 years remaining are worth £211,000. The ground rent is £45 per annum. The lease finishes on 21st October 2091
With 67 years left to run the likely cost is going to be between £10,500 and £12,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures 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 take any other action based on this information without first getting professional advice.