I am progressing with the sale of my flat in Levenshulme and the EA has just telephoned to say that the purchasers are changing their law firm. I am told that this is due to the fact that the mortgage company will only work with property lawyers on their approved list. Why would a big named lender only deal with certain law firms rather the firm that they want to appoint for their conveyancing in Levenshulme ?
Banks have always had panels of law firms they are content to work with, but in the last few years big names such as Yorkshire Building Society, have considered and reduced their conveyancing panel– in some cases removing conveyancing firms who have represented them for many years.
Banks point to the increase in fraud as the reason for the pruning – criteria have been tightened as a smaller panel is easier to oversee. Banks tend not to disclose how many solicitors have been dropped, claiming the information is commercially sensitive, but the Law Society says it is being contacted daily by practices that have been removed from panels. Plenty of firms do not even realise they have been dropped until contacted by a borrower who has instructed them as might be the situation in your buyers' case. The purchasers are not going to have any sway in the decision.
My wife and I are purchasing a newly built flat in Levenshulme and my lawyer is advising me that she is duty bound to the bank to reveal incentives from the developer. I am on a tight deadline to exchange and I would rather not delay deal. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
What will a local search reveal concerning the property we're purchasing in Levenshulme?
Levenshulme conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for example Xpress Legal The local search is essential in every Levenshulme conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your new home. The search will provide data on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
I need to appoint a conveyancing solicitor for leasehold conveyancing in Levenshulme. I happened to discover a web site which appears to be the perfect offering If there is a chance to get all the legals done via phone that would be ideal. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
What are the common deficiencies that you witness in leases for Levenshulme properties?
There is nothing unique about leasehold conveyancing in Levenshulme. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
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Repairing obligations to or maintain elements of the property A duty to insure the building
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Lloyds TSB Bank, The Mortgage Works, and Alliance & Leicester all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to provide security, forcing the buyer to withdraw.
I acquired a split level flat in Levenshulme, conveyancing formalities finalised half a dozen years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Levenshulme with an extended lease are worth £201,000. The ground rent is £45 invoiced annually. The lease expires on 21st October 2091
With just 65 years remaining on your lease the likely cost is going to be between £13,300 and £15,400 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed 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 want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
I happen to be an executor of my recently deceased mother’s Will, with a property in Levenshulme which will be sold. The house has never been registered at the Land Registry and I'm told that some purchasers will insist that it is in place before they will move forward. What's the mechanism for this?
In the situation that you have set out it seems advisable to apply to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. The Land Registry’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.