Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Urmston. My lender is Virgin

Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 7/5/2024, the requirements read as follows :

I am looking for a leasehold apartment up to £305k and found one round the corner in Urmston I like with amenity areas and station in the vicinity, the downside is that it's only got 52 years on the lease. I can't really find anything else in Urmston suitable, so just wondered if I would be making a grave error acquiring a short lease?

Should you need a home loan that many years will likely be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.

My company is planning to lease a unit on a shopping parade. Can you recommend lawyers offering fixed costs for commercial conveyancing in Urmston for below £1,200?

We can recommend firms who host a wealth of experience of commercial conveyancing in Urmston, including the disposal and purchase of businesses as well as simply premises. Whether you are hoping to purchase or sell a shop, pub, restaurant, office, retail unit or a whole business we will put you in touch with the right solicitor. Regarding the charges this will depend on the structure and heads of terms of the deal. Let us have your details or call us so that we can furnish you with a detailed commercial conveyancing calculation.

I've recently bought a leasehold property in Urmston. Do I have any liability for service charges for periods before completion of my purchase?

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. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 am the registered owner of a 1st floor flat in Urmston, conveyancing formalities finalised September 2007. 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? Comparable properties in Urmston with a long lease are worth £211,000. The ground rent is £45 invoiced every year. The lease expires on 21st October 2091

You have 67 years left to run the likely cost is going to range between £10,500 and £12,000 plus costs.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns 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 based on this information without first seeking the advice of a professional.

My son is about to join the property ladder, the home loan was agreed last week in principle. One the offer was accepted on house we rang the mortgage institution to progress the mortgage application. I was shocked to hear that banks do not accept all conveyancing practitioner, they have to be on a list, is this legal?

Banks tend to restrict either the type or the number of conveyancing practices on their panel. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that banks have no responsibility for the quality of advice provided by any Urmston solicitor on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Presumably not.