It is unclear whether my mortgage offer obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Atherton building society branch on a couple of occasions and was told they are content with the situation and they will lend. My Atherton conveyancing solicitor - who is on the bank conveyancing panel- telephoned to say that they will not lend in accordance with their specific requirements. Who do I believe?
The lawyer has to comply with the CML Handbook section two conditions for your bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
About to purchase house in Atherton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Lloyds conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Atherton solicitor is on the Lloyds conveyancing panel.
I've digested plenty of mortgage guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Atherton solicitor - who is on the Aldermore conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your conveyancing practitioner will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Atherton postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in Atherton.
Should my solicitor be raising enquiries regarding flooding as part of the conveyancing in Atherton.
Flooding is a growing risk for solicitors dealing with homes in Atherton. Some people will acquire a house in Atherton, fully aware that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate insurance cover, or sell the premises. There are steps that can be taken as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, however there are a various checks that may be undertaken by the purchaser or by their lawyers which should give them a better appreciation of the risks in Atherton. The standard property information forms given to a buyer’s lawyer (where the Conveyancing Protocol is adopted) incorporates a usual question of the vendor to determine whether the property has ever been flooded. In the event that flooding has previously occurred and is not notified by the vendor, then a buyer could bring a legal claim for losses as a result of such an incorrect response. A buyer’s conveyancers should also order an enviro search. This should indicate if there is a recorded flood risk. If so, more detailed inquiries should be carried out.
I'm buying my first flat in Atherton benefiting from help to buy. The builders refused to reduce the price so I negotiated 6k of fixtures and fittings instead. The property agent told me not to tell my lawyer about the deal as it may impact my loan with the lender. 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.
How can the Landlord & Tenant Act 1954 affect my commercial premises in Atherton and how can your lawyers assist?
The particular law that you refer to affords protection to commercial lessees, granting the dueness to make a request to court for a renewal lease and remain in occupation when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are involved. Fees are different for commercial conveyancing. Atherton is one of our numerous areas of the UK in which our lawyers have offices
I today plan to offer on a house that appears to meet my requirements, at a great price which is making it more attractive. I have just found out that the title is leasehold rather than freehold. I am assuming that there are issues purchasing a leasehold house in Atherton. Conveyancing advisers have are soon to be appointed. Will my lawyers set out the risks of buying a leasehold house in Atherton ?
The majority of houses in Atherton are freehold rather than leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Atherton in which case you should be looking for a Atherton conveyancing solicitor and be sure that they are used to transacting on leasehold houses. As a matter of priority you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want with the house. The lease comes with conditions such as requiring the landlord’spermission to conduct alterations. It may be necessary to pay a contribution towards the maintenance of the estate where the property is located on an estate. Your conveyancer should report to you on the legal implications.
I am the registered owner of a split level flat in Atherton, conveyancing formalities finalised in 2001. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Atherton with over 90 years remaining are worth £186,000. The ground rent is £55 invoiced every year. The lease expires on 21st October 2078
With only 53 years unexpired we estimate the premium for your lease extension to range between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There may be other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.
The financial adviser has suggested using their lawyer for the conveyancing in Atherton - won’t it be better to just use them?
It is not always the case and you are free to use whichever conveyancing practitioner you decide for your Atherton home move. The lawyer put forward by an estate agent may not always be the best conveyancer, they may put forward their preferred conveyancing firm who are based far away. In this instance you may not have contact with your conveyancing practitioner and due to the lack of continuity in the transaction, it may be difficult to obtain updates.