I am considering applying for a Virgin Money mortgage for purchase of a newly converted (under development) in Trafford Park with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Virgin Money ?
In theory, you could use a solicitor that is not on the Virgin Money conveyancing panel, but Virgin Money 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.
I am assisting my mother sell her house in Trafford Park. Does the conveyancing solicitor arrange the energy performance certificate or it is for me to see to?
Following the demise of Home Information Packs, energy performance certificates was retained a compulsory element of moving house. An energy assessment must be commissioned in advance of the property being advertised. It is not a task that lawyers normally arrange. Where you are instructing a Trafford Park conveyancing practitioner they might help arrange EPC’s given their relationships with reputable Trafford Park assessors
We have a mortgage agreed in principle with Nationwide. Trafford Park conveyancing lawyers are selected. What is the average time that one could expect to receive a mortgage offer from Nationwide?
There is no definitive answer here. Have Nationwide done the survey? Have you advised Nationwide as to your lawyers' details and checked that your lawyers are on the Nationwide conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
The mortgage over my property is with Coventry BS for my property in Trafford Park. Conveyancing has been completed 12 months ago. Should I wish to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Coventry BS?
Your original mortgage agreement with Coventry BS will provide that you need their approval prior to letting out your property as this is likely to be a breach of Coventry BS’s mortgage conditions. It may be that Coventry BS will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Coventry BS directly. You need not do this via a Coventry BS conveyancing panel solicitor.
Will our lawyer be raising questions regarding flooding during the conveyancing in Trafford Park.
The risk of flooding is if increasing concern for lawyers carrying out conveyancing in Trafford Park. There are those who purchase a house in Trafford Park, completely expectant that at some time, it may be flooded. However, leaving to one side the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, satisfactory building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Solicitors are not qualified to impart advice on flood risk, however there are a number of checks that may be carried out by the buyer or by their solicitors which will figure out the risks in Trafford Park. The conventional set of information sent to a purchaser’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a usual inquiry of the vendor to determine whether the property has ever been flooded. In the event that flooding has previously occurred which is not notified by the owner, then a buyer may bring a compensation claim as a result of such an misleading answer. The buyer’s lawyers may also conduct an environmental report. This should reveal if there is any known flood risk. If so, more detailed investigations should be made.
The deeds to our property can not be found. The solicitors who handled the conveyancing in Trafford Park 5 years ago have long since closed. What are my next steps?
These day there are copies made of almost everything, and your conveyancer should be aware exactly where to locate all the suitable paperwork so you may buy or dispose of your property without any difficulty. Where copies are not available, your lawyer may be able to arrange cover in the form of insurance or indemnities against future claims on the premises.
I have been on the look out for a ground for flat up to £305k and found one round the corner in Trafford Park I like with amenity areas and transport links nearby, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Trafford Park for this price, so just wondered if I would be making a mistake buying a short lease?
Should you need a mortgage the shortness of the lease will likely be problematic. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.