I have just been advised by my estate agent that my Manchester lawyer is not on the lender Conveyancing panel. How can I check?
The first thing you need to do is to call your Manchester lawyer directly. It is reasonable to expect your lawyer to notify you of the situation. Where they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your lender.
Due to move into my new home in Manchester next Monday. My conveyancing practitioner now wants me to supply her with evidence of content and building insurance for the property as as she informs me that she is duty bound to validate that it is in order for the bank. What does the insurance need to cover?
Any lawyer on acting for banks would need to check that the following risks are covered fire; lightning; aircraft; explosion; earthquake; storm; flood; escape of water or oil; riot; malicious damage; theft or attempted theft; falling trees and branches and aerials; subsidence; heave;landslip;collision;accidental damage to underground services;professional fees, demolition and site clearance costs; and public liability to anyone else. There are some other issues such as the level of excess that are set out in a lender’s Part 2 instructions. These obligations are not specific to conveyancing in Manchester.
As a FTB what is the most important advice you can give me about purchase conveyancing in Manchester?
Not many law firms or advisers will tell you this but conveyancing in Manchester and elsewhere in Greater Manchester is an adversarial process. Put another way, when it comes to conveyancing there is plenty of room for friction between you and other parties involved in the transaction. For instance, the vendor, property agent and on occasion the bank. Appointing a law firm for your conveyancing in Manchester should not be taken lightly as your conveyancer is your adviser, and is the ONE party in the process whose role it is to act in your legal interests and to protect you.
We are witnessing a definite increase in the "blame" culture- someone must be blamed for the process being so protracted. We recommend that you must always trust your lawyer above the other players when it comes to the legal assignment of property.
Should our solicitor be raising enquiries about flooding as part of the conveyancing in Manchester.
Flooding is a growing risk for lawyers carrying out conveyancing in Manchester. There are those who acquire a property in Manchester, completely aware that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the property. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, however there are a various checks that can be initiated by the purchaser or by their conveyancers which can give them a better appreciation of the risks in Manchester. The standard information given to a purchaser’s lawyer (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a usual question of the vendor to determine whether the premises has ever been flooded. If the property has been flooded in past which is not disclosed by the seller, then a purchaser may bring a compensation claim as a result of such an incorrect answer. A purchaser’s lawyers should also order an environmental search. This should reveal if there is any known flood risk. If so, more detailed investigations will need to be initiated.
What makes a Manchester lease unmortgageable?
Leasehold conveyancing in Manchester is not unique. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain clauses are erroneous. The following missing provisions could result in a defective lease:
Repairing obligations to or maintain elements of the premises A provision for the recovery of money spent for the benefit of another party.
You may 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. Nationwide Building Society, The Royal Bank of Scotland, and Bank of Ireland all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I inherited a 1 bedroom flat in Manchester, conveyancing was carried out 6 years ago. How much will my lease extension cost? Similar flats in Manchester with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2091
You have 70 years unexpired we estimate the price of your lease extension to range between £9,500 and £11,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before getting professional advice.