I have given 8 weeks notice to my existing landlord and have to be out of my let out property in Burnley by the end of next month. Conveyancing for my house purchase is underway. How realistic is it to complete in 4 weeks as don't want to have to move into temporary accommodation?
Generally one should not serve notice for your letting unless you have exchanged. If you have not already done so, contact to your solicitor and urge them to they apply pressure on the other solicitors, try to get a realistic time scale from them that everyone will aim to achieve
Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Burnley. My lender is Virgin
Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 13/9/2021, the requirements read as follows :
My bid for a property was accepted at auction in Burnley. Conveyancing is necessary. What happens now?
Given that you are now legally bound yourself to purchase you now have to hire the services of a conveyancing lawyer quickly as you are faced with a fast approaching deadline in which to complete the property. All auction property should have an associated auction pack. This should include the copy title deeds, local authority and drainage searches. Where you are dealing with leasehold property the auction pack may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You need to hand this to your appointed conveyancing solicitor at the earliest opportunity. You also need to ensure that your finances are in place to complete on the date specified in the contract.
This question may be naive but I am wet behind the ears as FTB of a ground floor flat in Burnley. Do I collect the keys to the premises on completion from my conveyancer? If so, I will find a High Street conveyancing solicitor in Burnley?
On the day of completion you do not need to attend the conveyancers office in Burnley. Conveyancing lawyers for you will transfer the completion advance to the vendor’s solicitors, and shortly after the monies have arrived, you will be called to collect the keys from the Estate Agents and start moving into the property. Usually this happens early afternoon.
I am currently in the process of buying my council flat in Burnley. I have a mortgage offer with Co-operative. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should use one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Co-operative, you will need to appoint a solicitor on the Co-operative conveyancing panel.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Burnley. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Here are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Burnley
-
Please provide evidence that the form of Lease proposed has been approved by the Land Registry. The Vendor must covenant to keep unsold units in good repair until long leases are granted therefore. Please supply a car parking plan. The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am looking for a ground for flat up to £245,000 and identified one close by in Burnley I like with a park and transport links in the vicinity, however it's only got 52 years unexpired on the lease. I can't really find anything else in Burnley for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the shortness of the lease will be problematic. Reduce the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
We own a leasehold flat in Burnley. Conveyancing was completed in last year. I have been told that I should not let the the remaining lease term to fall too low. Is this correct?
Burnley residential long term leases are for a set term - usually just under one hundred years when they are first granted. However many flats in Burnley were built or converted in the 60’s and so such leases now have under 80 years unexpired. That may sound like plenty of time but Banks, Building Societies and other mortgage companies on the whole require leases to have a minimum of 75 years unexpired to adequate security. This means that when you come to sell the property you will need a lease extension if you are nearing eighty years. To increase the saleability of your property you should be considering whether to extend your lease long before you come to sell it. There are also strong financial reasons to taking action before the lease hits 80 years as when the lease falls below 80 years the premium to be paid to extend starts to escalate.