Me and my partner are purchasing a property in Bury. It might be a silly question but how we can trust a solicitor? At some point we will need to send money into their account. What is the protection we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
Forgive me if this question is silly but I am unseasoned as a first time purchaser of a ground floor flat in Bury. Do I receive the keys to the premises on completion from my conveyancer? If so, I will instruct a High Street conveyancing solicitor in Bury?
There is no need to visit the lawyers office on the day of completion. Your solicitors will arrange to send the completion advance to the vendor’s lawyers, and once they have received this, you will be able to receive the keys from the property Agents and move into your new home. Usually this happens early afternoon.
I'm at the point of looking at houses in Bury and I am now considering a potential offer. Should I already have a solicitor in place at this point? I intend to finance via a home loan with Nottingham.
You should start obtaining conveyancing estimates from solicitors ASAP. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the estate agent. Given that you are seeking a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
Despite weeks of looking the Title Certificate and documents to my house are lost. The conveyancers who did the conveyancing in Bury 10 years ago have long since closed. What are my next steps?
Assuming the title is registered the details of your ownership will be recorded by HMLR under a Title Number. It is possible to conduct a search at the Land Registry, identify your house and order up to date copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will in most cases retain a certified copy of the Registered Lease and again, a copy can be ordered for twenty pounds.
I have been on the look out for a leasehold apartment up to £245,000 and found one round the corner in Bury I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Bury suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer about this.
I need to find a conveyancing solicitor for remortgage conveyancing in Bury. I happened to chance upon a web site which seems to have the perfect offering If it is possible to get all this stuff done via email that would be ideal. Do I need to be wary? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am employed by a long established estate agency in Bury where we have experienced a few flat sales jeopardised due to short leases. I have received inconsistent advice from local Bury conveyancing firms. Could you clarify whether the vendor of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
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 purchaser.
I own a basement flat in Bury, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Similar flats in Bury with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease finishes on 21st October 2094
With just 73 years remaining on your lease we estimate the price of your lease extension to range between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
At long last our conveyancing in Bury completes next Friday, but the people I am buying from wishes to move out the next day at PM. Can I agree to such a idea?
If you require a bank loan then your conveyancer will demand that the premises arevacant on Friday - the bank will insist on it.