I am purchasing a house mortgage free in Greater Manchester. I have resided for the previous twelve years in Greater Manchester. Conveyancing searches are expensive. Given that I have knowledge of the road and vicinity very well must I have all the conveyancing searches?
Provided that you do not need a home loan, then the vast majority of the Greater Manchester conveyancing searches are at your discretion. Your lawyer will try and steer you, perhaps strongly, that you should have searches completed, but she has a professional duty to take that path of advice. One thing to take into account; if you are going to dispose of the house at a future date, it may be of interest to your future purchaser what the searches contain. There are plenty of instances where houses with day to day issues can still show up unpredicted search results. A good conveyancing solicitor in Greater Manchester should provide you some constructive guidance in this regard.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when buying a house in Greater Manchester?
Unless a previous acquisition of the property completed after 12 October 2013 you may take it that solicitors delivering conveyancing in Greater Manchester to remain recommending a chancel search and or insurance against a claim.
How does conveyancing in Greater Manchester differ for new build properties?
Most buyers of new build premises in Greater Manchester contact us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Greater Manchester tend to purchase the site, 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 conveyancing solicitors 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 Greater Manchester or who has acted in the same development.
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Greater Manchester I like with open areas and railway links nearby, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Greater Manchester suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be problematic. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you may request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this matter.
How does the Landlord & Tenant Act 1954 affect my business offices in Greater Manchester and how can you help?
The 1954 Act provides a safeguard to commercial lessees, giving them the right to make a request to court for a continuation of occupancy when the lease reaches an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are involved. We are happy to direct you to commercial conveyancing practices who use the act to your advantage and handle your commercial conveyancing in Greater Manchester
I've recently bought a leasehold house in Greater Manchester. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I invested in buying a split level flat in Greater Manchester, conveyancing having been completed in 1998. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Greater Manchester with a long lease are worth £216,000. The ground rent is £50 invoiced every year. The lease runs out on 21st October 2090
With just 69 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.