Do the conveyancing solicitors identified through your search tool handle auction conveyancing in Stretford?
There are a few niche solicitors we can put you in touch with those conducting auction conveyancing. Stretford is just one of hundreds of areas of where our lawyers cover.
I am selling my apartment in Stretford. Does the conveyancing practitioner need to be required to be on the Nationwide conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Nationwide conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
I know that there are debates on Chancel Insurance on online forums. Do I require chancel insurance when acquiring a house in Stretford? or I am told that there is historic law that means some house owners residing in a parish church boundary may be liable to pay for maintenance to the chancel in proximity to the church. Is this applicable for conveyancing in Stretford?
Unless a prior purchase of the house took place post 12 October 2013 you can take it that conveyancing practitioners conducting conveyancing in Stretford to continue to advocate a chancel search and or chancel repair liability policy.
I'm purchasing my first flat in Stretford benefiting from help to buy. The builders refused to reduce the price so I negotiated 6k of extras instead. The sale representative advised me not reveal to my lawyer about this deal as it would jeopardize my loan with the bank. Should I keep quiet?.
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 am a negotiator for a reputable estate agent office in Stretford where we see a number of leasehold sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Stretford conveyancing solicitors. Could you shed some light as to whether the vendor of a flat can commence the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a studio flat in Stretford, conveyancing having been completed 9 years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Stretford with over 90 years remaining are worth £222,000. The ground rent is £50 charged once a year. The lease ends on 21st October 2094
With only 70 years unexpired the likely cost is going to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
We own a leasehold flat in Stretford. Conveyancing was completed in 2011. I have heard that I mustn’t allow the lease length fall too low. What is the reasoning?
Stretford domestic long term leases are for a prescribed period - often ninety nine years when they are first granted. However many appartments in Stretford were built or converted in the 70’s80’s and so such leases now have under eighty years remaining. That may sound like plenty of time however Banks, Building Societies and other mortgage institutions tend to require leases to have at least 75 years left to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are nearing eighty years. To optimize your property value you should be considering whether to extend your lease well in advance of selling the property. You should note that there are advantages to taking action before the lease reaches even eighty years as when the lease is less than 80 years the premium you have to pay to extend starts to get a lot more expensive.