I am need of leasehold conveyancing for a flat in a relatively new development (6 years built) in Fallowfield. The vast majority the appartments have already been sold. Is it really necessary to order conveyancing searches for my conveyancing in Fallowfield?
Where you are obtaining a loan, your lender will insist on some (many) of the searches so you'll have no choice. If not, then Fallowfield conveyancing searches are optional. Your lawyer, will ’encourage’, perhaps strongly, that you should have the searches done, but he or she is duty bound in this regard. One thing to bear in mind; if you are likely to sell the house one day, it may be of interest to your future buyer what the searches contain. Sometimes houses with no practical issues can still throw up adverse search results. But if you insist that your lawyer to proceed without searches then your lawyer will have to follow your instructions or it may be necessary to instruct a new lawyer for your conveyancing in Fallowfield.
I am the registered owner of a freehold premises in Fallowfield but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Fallowfield and has limited impact for conveyancing in Fallowfield but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a one off payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
What does a local search tell me about the property I am purchasing in Fallowfield?
Fallowfield conveyancing often starts with the ordering local authority searches directly from your local Authority or via a personal search company such as Onsearch The local search plays an important part in many a Fallowfield conveyancing purchase; as long as you don’t want any nasty surprises after you move into your new home. The search will supply 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 topic sections.
I am purchasing my first flat in Fallowfield with the aid of help to buy. The sellers refused to budge the amount so I negotiated 6k of extras instead. The sale representative suggested that I not to tell my solicitor about this side-deal as it could impact my loan with the lender. Do I keep my lawyer in the dark?.
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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Fallowfield is where the house is located. Can you shed any light on this issue?
Flying freeholds in Fallowfield are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Fallowfield 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 Fallowfield may determine 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 am employed by a long established estate agency in Fallowfield where we have experienced a number of leasehold sales derailed due to leases having less than 80 years remaining. I have been given contradictory information from local Fallowfield conveyancing solicitors. Could you shed some light as to whether the seller of a flat can instigate the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is 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 has to be done before, or at the same time as completion of the disposal of the property.
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 purchased a 1 bedroom flat in Fallowfield, conveyancing having been completed January 1995. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Fallowfield with over 90 years remaining are worth £216,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease finishes on 21st October 2095
With only 70 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.