Unfortunately I am unable to travel far from Manchester. I would like to know the logic why all Manchester property lawyers aren't included on all lender panels?
Banks highlight the fact that solicitor-led fraud is considered to be responsible for millions of pounds of fraud annually.The dismissal of law firms from lender panels started with the rise in mortgage fraud, which prompted a thematic review by the FSA in 2011. Its conclusions included recommendations for lending institutions to review their conveyancing panels, which triggered a major policy change in the sector. It resulted in lenders purging less reputable firms from their panel of approved conveyancers .
My conveyancer has discovered a a legal deficiency with the lease for the apartment we are buying in Manchester. The other side have suggested title insurance as a solution. We are content with insurance and will pay for it. Our lawyer says that he must ensure that the bank is willing to move forward with this solution. Who is the client here, us or the bank?
Even though you have a mortgage offer from the mortgage company does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook provisions. You and the bank are the client. These conveyancing instructions must be adhered to.
How does conveyancing in Manchester differ for newly converted properties?
Most buyers of new build residence in Manchester contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Manchester tend to purchase the site, 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 Manchester or who has acted in the same development.
How can the Landlord & Tenant Act 1954 affect my business premises in Manchester and how can your lawyers assist?
The 1954 Act affords security of tenure to business leaseholders, giving them the right to apply to court for a new lease and remain in occupation when the lease comes to an end. There are certain specified grounds that a landlord can refuse a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Manchester is one of the many areas of the UK in which our lawyers have offices
I was advised by my bank that their panel lawyers work on no move no fee basis for conveyancing in Manchester. I had a purchase abort and now the solicitors have invoiced for search fees! They say the fees are independent!
By offering "no sale no fee" Manchester conveyancing lawyers are foregoing their fees for any work done. We should make it clear that this does not constitute an insurance scheme. Disbursements aren’t covered – where the lawyer have to pay money out to other people, e.g. Manchester local search fees