I am considering applying for a Bank of Ireland mortgage for purchase of a newly converted (under development) in Bury with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Bank of Ireland ?

In theory, you could use a solicitor that is not on the Bank of Ireland conveyancing panel, but Bank of Ireland would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.

When it comes to mortgage companies such as Leeds Building Society, do Bury solicitors incur a yearly amount to be on the list of approved solicitors?

We are unaware of any lender fees to register on their list of approved firms, although some do levy an administration fee to deal with the processing of the conveyancing panel application.

Two weeks ago we had a mortgage agreed in principle with Leeds Building Society. Bury conveyancing practitioners have been chosen. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?

There is no definitive answer here. Have Leeds Building Society conducted the survey? Have you informed Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.

After what seems like an age I have had an offer on an apartment in Bury agreed to, but there is a chain. The vendors have put an offer on somewhere, however it’s not been accepted yet, and have viewings of other flats booked. I have chosen a high street conveyancing solicitor in Bury. What should be my next step? At what point do I apply for the mortgage with Nottingham?

It is usual to have apprehensions where there is a chain as you are unlikely to want to be too out of pocket prematurely (mortgage application is in the region of one thousand pounds, then survey, Bury conveyancing search fees, etc). The first course of action is to check that your solicitor is on the Nottingham conveyancing panel. Concerning the next steps this very much depends on the specifics of your case, attraction to the property and on the state of the market. During a rising market the majority of purchasers will apply for a home loan with Nottingham and arrange for the valuation and only if it comes back ok would they ask their conveyancing practitioner to proceed with the conveyancing in Bury.

How does conveyancing in Bury differ for newly converted properties?

Most buyers of new build premises in Bury approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Bury typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Bury or who has acted in the same development.

How simple is it to use the search tool to get a quote from a conveyancing lawyer in Bury on the approved list for my lender?

Step one is to select a bank such as Barclays , Leeds Building Society or Bank of Ireland then specify your location for instance Bury. Conveyancing firms in Bury and beyond will then be shown.

What are the frequently found deficiencies that you see in leases for Bury properties?

Leasehold conveyancing in Bury is not unique. All leases are drafted differently and drafting errors can result in certain sections are wrong. The following missing provisions could result in a defective lease:

Maintenance charge proportions which don’t add up to the correct percentage

You will have a problem when selling your property if you have a defective lease primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Bank of Ireland all have express requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the buyer to withdraw.

I invested in buying a basement flat in Bury, conveyancing formalities finalised 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Bury with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ends on 21st October 2081

With just 57 years unexpired we estimate the premium for your lease extension to span between £28,500 and £33,000 plus costs.

The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.