My wife and I are looking to acquire a home in Manselton and have appointed a Manselton conveyancing practice. Within the past 48 hours our conveyancer has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Alliance & Leicester have this evening contacted us to advise us that there is now an issue as our Manselton lawyer is not on their conveyancing panel. Is this a problem?
If you are buying a property requiring a mortgage it is normal for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your property lawyer should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Manselton lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
The owners have rather pushy vendors who has suggested a exclusivity contract with a payment 6,000. Is it wise to enter into such agreements?
This form of arrangement isn't frequently used in Manselton, conveyancers are often inclined to direct clients away from them as they detract from the primary objective, namely conveyancing and if you end up having your deposit forfeited then the lawyer at best left with an upset client and at worst a litigious one. Secondly, there is no guarantee that just because the vendor has entered into a lock out agreement they will complete the sale with you. They may be in contravention of the agreement if they are offered sufficient financial inducement to do so because a wronged purchaser with the benefit of a exclusivity agreement will still be duty bound to show losses as a consequence of the breach and this may not compare to the financial benefit that your vendor may secure by breaking the contract, no matter how morally condemnable the behaviour is.
We just had an offer accepted to buy with Norwich and Peterborough Building Society. I called into 3 or 4 high street solicitors yet am struggling to find a Manselton conveyancing firm on the Norwich and Peterborough Building Society panel. Could you help?
You should take advantage of the search tool on this site. Please choose the mortgage company and type Manselton or your preferred area and you will discover numerous solicitors based in Manselton or nearest you.
Will my lawyer be raising questions concerning flooding as part of the conveyancing in Manselton.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Manselton. There are those who purchase a property in Manselton, fully aware that at some time, it may be flooded. However, leaving to one side the physical damage, if a house is at risk of flooding, it may be difficult to get a mortgage, suitable building insurance, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Lawyers are not best placed to impart advice on flood risk, however there are a various searches that may be carried out by the purchaser or on a buyer’s behalf which will give them a better understanding of the risks in Manselton. The standard property information forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) contains a standard inquiry of the owner to find out if the property has suffered from flooding. If flooding has previously occurred and is not revealed by the seller, then a purchaser may commence a claim for damages as a result of such an misleading response. A buyer’s conveyancers will also order an enviro search. This should higlight if there is a recorded flood risk. If so, additional inquiries will need to be initiated.
How does conveyancing in Manselton differ for new build properties?
Most buyers of new build premises in Manselton approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because developers in Manselton typically buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Manselton or who has acted in the same development.
Back In 2004, I bought a leasehold house in Manselton. Conveyancing and The Mortgage Works mortgage went though with no issue. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1998. The conveyancing practitioner in Manselton who previously acted has now retired. Do I pay?
First contact the Land Registry to be sure that this person is in fact the new freeholder. There is no need to incur the fees of a Manselton conveyancing practitioner to do this as you can do this on the Land Registry website for £3. You should note that regardless, even if this is the legitimate landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I acquired a ground floor flat in Manselton, conveyancing was carried out half a dozen years ago. How much will my lease extension cost? Equivalent properties in Manselton with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ceases on 21st October 2078
With only 54 years unexpired the likely cost is going to be between £32,300 and £37,400 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.