We are purchasing a 2 bedroom apartment in Salford with a mortgage. We have a Salford lawyer, but the bank says she’s not on their "panel". It appears that we have little option but to appoint one of the bank panel firms or retain our Salford solicitor as well as pay for one of their panel firms to act for them. We feel that this is inequitable; 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 bank’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. Another option that might be available is for your Salford conveyancing lawyer to apply to be on the conveyancing panel.
Do all mortgage companies provide you with an approved list of Salford conveyancing solicitors? How do you know who is on the Bank of Ireland conveyancing panel?
Salford conveyancing firms themselves provide us confirmation that they are on the Bank of Ireland conveyancing panel as opposed to being supplied with a list from Bank of Ireland directly.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The conveyancers who dealt with the conveyancing in Salford 4 years ago have long since closed. What do I do?
Assuming you have a registered title the details of your ownership will be recorded by the Land Registry under a Title Number. It is possible to perform a search at the Land Registry, identify your property and get up to date copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will also normally hold a certified duplicate of the Registered Lease and again, a copy can be obtained for a small fee.
I decided to have a survey done on a house in Salford ahead of instructing solicitors. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some mortgage companies may refuse to give a mortgage on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to telephone us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Salford. Conveyancing will be smoother if you use a solicitor in Salford especially if they are accustomed to such properties in Salford.
When it comes to leasehold conveyancing in Salford what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Salford. All leases are individual and drafting errors can result in certain sections are erroneous. The following missing provisions could result in a defective lease:
Service charge per centages that don't add up correctly leaving a shortfall
A defective lease can cause problems when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Santander, Virgin Money, and Clydesdale all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is problematic they may refuse to provide security, forcing the buyer to pull out.
I am the registered owner of a garden flat in Salford, conveyancing having been completed 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Salford with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ends on 21st October 2069
With just 50 years unexpired we estimate the price of your lease extension to be between £31,400 and £36,200 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.