Me and my fiance are intending to purchase a 2 bedroom flat in Ashton Under Lyne with a mortgage. We would like to retain our Ashton Under Lyne solicitor, however the mortgage company advise she’s not on their "panel". It seems we have little choice but to appoint one of the lender panel firms or retain our Ashton Under Lyne property lawyer as well as pay for one of their panel lawyers to act for them. We feel that this is inequitable; can we not require that the mortgage company use our Ashton Under Lyne solicitor ?
No, not really. Your mortgage offer is subject to its terms and conditions, one of which will be that lawyers will on the lender’s conveyancing panel. Until recently, most lenders had large numbers of law firms on their panels: a borrower could choose one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. Another option that might be available is for your Ashton Under Lyne conveyancing lawyer to apply to be on the conveyancing panel.
Our Ashton Under Lyne conveyancer has identified a difference between the surveyor’s assumptions in the valuation survey and what is in the legal papers for the property. My solicitor informs me that he needs to ensure that the bank is OK with this discrepancy and is content to go ahead. Is my lawyer’s approach right?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
Why do I have to pay up front for conveyancing in Ashton Under Lyne?
If you are buying a property in Ashton Under Lyne your lawyer will request that you to provide them with funds to cover the the cost of the conveyancing searches. Generally this is requested to cover the fees of the Local Authority Search. If any deposit is as part of the sale price then this will be asked for immediately ahead of contracts are exchanged. The final balance that is due will be payable shortly before completion.
Will commercial conveyancing searches reveal impending roadworks that may affect a commercial estate in Ashton Under Lyne?
Many commercial conveyancing solicitors in Ashton Under Lyne will perform a SiteSolutions Highways report as it dramatically cuts the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Ashton Under Lyne. The report sets out definitive data on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Ashton Under Lyne.
For every commercial conveyancing transaction in Ashton Under Lyne it is crucial to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately could cause delays to Ashton Under Lyne commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not conducted for residential conveyancing in Ashton Under Lyne.
I have been on the look out for a flat up to £195,000 and found one round the corner in Ashton Under Lyne I like with a park and transport links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Ashton Under Lyne suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the remaining unexpired lease term will likely be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I only have Fifty years unexpired on my lease in Ashton Under Lyne. I now want to extend my lease but my landlord is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you have done all that could be expected to find the freeholder. In some cases an enquiry agent may be helpful to carry out a search and prepare a report to be used as proof that the freeholder is indeed missing. It is wise to seek advice from a property lawyer both on proving the landlord’s disappearance and the application to the County Court overseeing Ashton Under Lyne.
I am the registered owner of a garden flat in Ashton Under Lyne, conveyancing having been completed in 2009. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Ashton Under Lyne with a long lease are worth £195,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ends on 21st October 2088
With 63 years remaining on your lease the likely cost is going to range between £16,200 and £18,600 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should 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 want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.