Our family solicitor has quoted £1200 for leasehold conveyancing in Cheadle. I am looking to sell a purpose built property for £225,000. Is this too much? Is it above the average fee for conveyancing in Cheadle?
The quote is fractionally on the expensive side. If you shop around you may be able to decrease the fees marginally by perhaps a hundred pounds. That being said, you couldlive to regret opting for an a cheaper solicitor. Remember to check the firm can represent your bank. Do use our comparison tool to choose a Cheadle conveyancing practice on the banks approved list of lawyers which can often include conveyancing solicitors in Cheadle.
We were just about to sign contracts for a ground floor flat in Cheadle. We encountered a snag. Our mortgage offer with Barclays expires on 8/5/2024 but the owners are suggesting a completion date of 10/5/2024. Is it possible to prolong the mortgage offer?
The best person to deal with your issue is your lawyer who should assess if he or she is corresponding with the mortgage company, owner’s lawyers, estate agents or indeed all parties taking into account what has happend in your conveyancing as of today.
My uncle passed away 10 months ago and as sole heir and executor I was left the property in Cheadle. The house had a relatively small loan left on it of around £5k. I want to have the title changed into my name whilst I re-mortgage to Nationwide, pay off the mortgage. Is this possible?
Where you intend to refinance then Nationwide will require that you use a conveyancer on the Nationwide conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Nationwide conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Nationwide mortgage is registered as a charge at the Land Registry.
What can a local search inform me regarding the house we're buying in Cheadle?
Cheadle conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search company for example Searches UK The local search plays an important part in most Cheadle conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
I am looking for a ground for flat up to £305k and identified one near me in Cheadle I like with a park and station in the vicinity, however it's only got 49 years on the lease. There is not much else in Cheadle for this price, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a home loan the shortness of the lease will likely be an issue. Reduce the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I am employed by a reputable estate agency in Cheadle where we have witnessed a number of flat sales derailed due to short leases. I have been given conflicting advice from local Cheadle conveyancing firms. Could you shed some light as to whether the vendor of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
Provided that 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. The benefit of this is that the buyer need not have to sit tight for 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 buyer.
I inherited a basement flat in Cheadle, conveyancing having been completed August 2002. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Cheadle with over 90 years remaining are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease terminates on 21st October 2085
With just 61 years remaining on your lease we estimate the price of your lease extension to be between £18,100 and £20,800 plus professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.