I have given 8 weeks notice to my existing landlord and have to vacate my rented apartment in Bolton by 28/6/2021. Conveyancing on my purchase has just started. Is it possible to complete in a couple of weeks as don't want to have to move into temporary accommodation?
It is unwise to give notice for your tenancy unless you have exchanged. Assuming that you have not previously done so, contact to your conveyancer and request that they cajole the other solicitors, try to get a realistic time scale from them that everyone will look to achieve
Having sold my house in Bolton last August yet the purchaser is calling me to say his lawyer is waiting to hear from mine. What should have happened now that I have sold?
Following your house sale your solicitor should forward the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your conveyancer must also evidence that the mortgage has been discharged to the purchasers conveyancers. There is unlikely to be post completion formalities specific conveyancing in Bolton.
It has been 3 months following my purchase conveyancing in Bolton concluded. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I'm buying a new build house in Bolton with a loan from Lloyds TSB Bank. The sellers refused to budge the amount so I negotiated £7000 of additionals instead. The estate agent suggested that I not disclose to my conveyancer about the side-deal as it may put at risk my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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've recently found out that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, no chain conveyancing. Bolton is the location of the property. Can you offer any guidance?
Flying freeholds in Bolton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bolton you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bolton may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I today plan to offer on a house that appears to meet my requirements, at a reasonable figure which is making it all the more appealing. I have just found out that the title is leasehold as opposed to freehold. I would have thought that there are issues buying a leasehold house in Bolton. Conveyancing lawyers have not yet been appointed. Will my lawyers set out the risks of buying a leasehold house in Bolton ?
The majority of houses in Bolton are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can assist with the conveyancing process. it is apparent that you are buying in Bolton in which case you should be shopping around for a Bolton conveyancing practitioner and check that they are used to transacting on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be at liberty to do whatever you want with the house. The lease will likely included provisions such as requiring the freeholder’sconsent to conduct changes to the property. It may be necessary to pay a contribution towards the upkeep of the estate where the house is located on an estate. Your conveyancer should report to you on the legal implications.
Bolton Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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On the whole the outlay for major works tend not to be included within service charges, albeit that a few managing agents in Bolton ask leasehold owners to contribute towards a reserve fund and this is used to offset against major works. Many Bolton leasehold flats will have a service charge for the upkeep of the block set by the management company. Where you buy the flat you will have to pay this liability, usually periodically throughout the year. This could differ from a couple of hundred pounds to thousands of pounds for buildings with lifts and large communal grounds. There will also be a ground rent for you to pay annual, ordinarily this is not a significant figure, say approximately £50-£100 but you need to check it because occasionally it could be many hundreds of pounds. Who is in charge of the building?