We were about to retain a conveyancing solicitor in Openshaw endorsed by you but have come across some other quotes via the web appear cheaper – how come?

You can find numerous websites advertising self styled cut-price conveyancing, unfortunately it’s common in such cases for extracosts result in the closing invoice being escalated. In accordance with regulatory requirements charges contained in terms of engagement should be honest and reasonable raised The solicitors that we list for conveyancing in Openshaw clearly state all costs for the property you plan topurchase.

My solicitor has uncovered a a problem with the lease for the apartment we are purchasing in Openshaw. The seller’s lawyers have put forward title insurance as a solution. We are content with insurance and will cover the costs. Our property lawyer has advised that he must be satisfied that the bank is content with this solution. Are we the client or is the lender?

The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the lender are the client. Your solicitor must comply with the UK Finance Lenders’ Handbook conditions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your conveyancer will have no choice but to discontinue acting for you.

Are there restrictive covenants that are commonly picked up during conveyancing in Openshaw?

Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Openshaw. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’

I am employed by a reputable estate agency in Openshaw where we see a number of leasehold sales jeopardised due to short leases. I have received conflicting advice from local Openshaw conveyancing firms. Please can you clarify whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?

As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.

An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.

I purchased a 1 bedroom flat in Openshaw, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Openshaw with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ceases on 21st October 2084

With just 60 years unexpired we estimate the premium for your lease extension to range between £20,000 and £23,000 as well as professional fees.

The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first seeking the advice of a professional.

Are the Openshaw conveyancing lawyers identified as being on the bank conveyancing panel, together with their details provided by the mortgage company?

Openshaw law firm practices and firms conducting conveyancing in Openshaw themselves provide us confirmation that they are on the lender conveyancing panel as opposed to being supplied with a list from the lender directly.