I am purchasing a terraced house in Grappenhall. Can I do my own conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Grappenhall you will have to appoint a solicitor on your mortgage company's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Grappenhall.
I have todaybecome aware that Action Conveyancing have closed. They conducted my conveyancing in Grappenhall for a purchase of a freehold house 18 months ago. How can I establish that the property is registered correctly in the name of the previous owner?
The quickest way to see if the premises is registered to you, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Grappenhall conveyancing specialists.
How does conveyancing in Grappenhall differ for newly converted properties?
Most buyers of new build or newly converted property in Grappenhall approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is constructed. This is because builders in Grappenhall typically acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Grappenhall or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Grappenhall before retaining conveyancers. I have been informed that there is a flying freehold aspect to the house. Our surveyor has said that some banks tend refuse to issue a mortgage on a flying freehold house.
It depends who your proposed lender is. Santander has different requirements from Halifax. Should you wish to call us we can check via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Grappenhall. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Grappenhall to see if the conveyancing will be more expensive.
I am tempted by the attractive purchase price for a two maisonettes in Grappenhall which have in the region of fifty years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Grappenhall is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the property. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Grappenhall conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a leasehold flat in Grappenhall, conveyancing formalities finalised in 2006. How much will my lease extension cost? Corresponding flats in Grappenhall with an extended lease are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease terminates on 21st October 2083
With 58 years unexpired we estimate the price of your lease extension to span between £22,800 and £26,400 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
Myself and my partner have just had an offer agreed on a property and had meeting on Friday with Leeds Building Society for the mortgage. They advised me that when it comes to selecting a conveyancing practitioner that unless they are on their approved panel of conveyancing practitioners then we will have to pay out an additional charge of £250+. This is is due to the fact that they would then have to appoint a solicitor to act on their behalf in addition to the one we choose to act for ourselves and we are liable for their costs. I have requested Leeds Building Society to supply me with a list so I can request quotes only from their approved lawyers but was told they dont have such a list to hand over. Is there a simple way of finding out who is on a lender panel?
Ask Leeds Building Society what their panel criteria is for a conveyancer.Then ask the lawyer of your choice whether they fit that criteria and have they acted on loans for Leeds Building Society previously. If the answer to those is yes, then just double check with Leeds Building Society. Another option is to make use of our search tool and we may be able to locate a property lawyer in Grappenhall on the panel for Leeds Building Society.