Having sold my house in Fulwood and Elston last November yet the purchaser is calling every few hours to say her lawyer needs to hear from myconveyancer. What are the post completion sale legalities now that I have sold?
After completion of your sale your solicitor is obliged to send the transfer documentation and all of the paperwork to the purchaser's lawyers. Depending on the transaction, your solicitor should also evidence that the home loan has been discharged to the buyers conveyancers. There is unlikely to be post completion formalities specific conveyancing in Fulwood and Elston.
I have paid off my mortgage with Aldermore. I assume I don't need a Fulwood and Elston lawyer on the Aldermore panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Aldermore mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Aldermore mortgage from the register. Aldermore, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Aldermore has sent the Land Registry the discharge electronically, and
- Aldermore has instructed the Land Registry to do so
I have decided to exercise my right to buy my property in Fulwood and Elston off the council. I have a mortgage agreed with Nationwide. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have 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 Nationwide, you will need to appoint a solicitor on the Nationwide conveyancing panel.
Intending to buy a house in Fulwood and Elston. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Clydesdale conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Fulwood and Elston conveyancing practitioner is on the Clydesdale conveyancing panel.
I used Arc property Solicitors several years past for my conveyancing in Fulwood and Elston. Now, I need my documents however the law firm is no longer operating. What do I do?
Do call the Solicitors Regulatory Authority (SRA) to assist in tracing your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Fulwood and Elston of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
I'm purchasing a new build house in Fulwood and Elston benefiting from help to buy. The builders refused to budge the price so I negotiated 6k of extras instead. The estate agent suggested that I not reveal to my solicitor about this extras as it could impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder 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.
I am employed by a reputable estate agency in Fulwood and Elston where we have experienced a number of flat sales put at risk due to leases having less than 80 years remaining. I have been given contradictory information from local Fulwood and Elston conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can commence 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. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with 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 acquired a garden flat in Fulwood and Elston, conveyancing having been completed 6 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Fulwood and Elston with an extended lease are worth £227,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2096
With 72 years unexpired we estimate the premium for your lease extension to range between £9,500 and £11,000 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 extending a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
I own a leasehold flat in Fulwood and Elston. Conveyancing was finalised in 2011. I have been told that I should not allow the lease length fall too low. What is the reasoning?
Fulwood and Elston residential long term leases are for a set term - usually just under one hundred years when they are first granted. However many appartments in Fulwood and Elston were built or converted 35 or more years ago and so such leases now have under 80 years left to run. That may sound like plenty of time however Banks, Building Societies and other mortgage institutions generally require leases to have at least 75 years unexpired to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching eighty years. To increase your property value you should be considering whether to extend your lease long before you come to sell it. You should note that there are significant benefits to doing so before the lease hits eighty years as when the lease falls below 80 years the amount you have to pay to extend starts to get a lot more expensive.