My wife and I are buying a brand new apartment in Chorley and Eccleston and my lawyer is advising me that she is duty bound to the bank to reveal incentives from the seller. I am on a tight deadline to exchange and my preference is not to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook conditions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
It is is a decade since I purchased my house in Chorley and Eccleston. Conveyancing solicitors have just been instructed on the sale but I can't find the title documents. Is this a major issue?
Don’t worry too much. Firstly there is a chance that the deeds will be retained by your mortgage company or they could still be with the solicitor who handled the purchase. Secondly in most cases the title will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring current official copies of the land registers. The vast majority of conveyancing in Chorley and Eccleston relates to registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
I am purchasing a house and require a conveyancing solicitor in Chorley and Eccleston who is on the Coventry Building Society conveyancing. Could you point me in the right direction as regards a solicitor?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Coventry Building Society in certain locations such as Chorley and Eccleston. We dont recommend any particular firm.
I require expedited conveyancing in Chorley and Eccleston as I have an ultimatum to exchange contracts in less than 2 weeks. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?
As you are are a cash buyer you have the choice not to do searches although no conveyancer would advise that you don't. Drawing on years of experience of conveyancing in Chorley and Eccleston the following are instances of issues that can arise and therefore affect market value: Enforcement Notices, Overdue Charges, Overdue Grants, Unadopted Roads,...
I work for a reputable estate agency in Chorley and Eccleston where we have experienced a few leasehold sales put at risk as a result of short leases. I have received contradictory information from local Chorley and Eccleston conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser 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 has to be done prior to, or at the same time as completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord 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 purchased a split level flat in Chorley and Eccleston, conveyancing having been completed 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Similar flats in Chorley and Eccleston with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2077
With just 53 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
I am seeking to buy a repossessed property in Chorley and Eccleston and the mortgagee in possession demand completion inside a month. Can a conveyancer meet that timeframe? Am I best advised to use a high street Chorley and Eccleston firm or an online firm that advertises to complete quickly?
Attend your Chorley and Eccleston high street. Go in to 3 companies and request to talk to a conveyancing solicitor for an estimate. Set out your requirements and try and obtain assurances on time frames. Choose the one that appears most efficient. Make sure to use a conveyancing practitioner on the list of solicitors approved by your mortgage company.