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Find a Salford Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Salford? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Salford conveyancing at risk of delay or failure.

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Recently asked questions about conveyancing in Salford

I am buying a new build house in Salford with a mortgage from Godiva Mortgages Ltd. The builders refused to budge the price so I negotiated 6k of additionals instead. The property agent told me not inform my lawyer about the deal as it could adversely affect my mortgage with Godiva Mortgages Ltd. Is this normal?.

All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.

Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.

Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.

I have been on the look out for a flat up to £235,500 and identified one round the corner in Salford I like with a park and transport links in the vicinity, however it's only got 51 years on the lease. There is not much else in Salford in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?

If you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current owner has owned the property for at least twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this.

I am looking for a conveyancing lawyer in Salford for my remortgage. Is there any facility to review a solicitor's complaints history with the legal regulator?

Members of the public can read documented Solicitor Regulator Association (SRA) determinations resulting from inquisitions from 2008 onwards. Visit Check a solicitor's record. For information Pre 2008, or to check a firm's record, phone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. International callers, dial +44 (0)121 329 6800. The regulator sometimes recorded call for training reasons.

I am looking at a two apartments in Salford both have approximately fifty years unexpired on the leases. Will this present a problem?

There are no two ways about it. A leasehold flat in Salford is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the salability of the property. The majority of buyers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Salford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

I purchased a studio flat in Salford, conveyancing was carried out 6 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding flats in Salford with over 90 years remaining are worth £171,000. The ground rent is £50 yearly. The lease expires on 21st October 2100

You have 79 years remaining on your lease we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.

The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns 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 without first getting professional advice.

My nephew is embarking on her first house purchase, he had his mortgage in principle. One the seller agreed the offer on the flat we contacted the lender to issue the formal offer. I was very surprised to hear that mortgage companies do not accept all solicitor, they have to be on a list, is this correct?

Lenders ordinarily imposes restrictions either the type or the number of conveyancing firms on their approved list of lawyers. A common example 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 lenders have no responsibility for the quality of advice provided by any Salford conveyancer 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.

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