Can you explain why leasehold purchase conveyancing in Halifax is more expensive?
In summary, leasehold conveyancing in Halifax and elsewhere usually necessitates extra hours of investigation compared to freehold transactions. This includes checking the lease terms, liaising with the landlord concerning serving applicable notices, procuring current service charge and management information, procuring the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first entered into.
I am considering applying for a Nottingham mortgage for purchase of a new build (under development) in Halifax with 70% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Nottingham ?
There is nothing to stop you using your solicitor, but Nottingham will insist on their interests being represented by a firm on their conveyancing panel. There is much more potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
The deeds to our house can not be found. The lawyers who handled the conveyancing in Halifax 10 years ago no longer exist. What are my next steps?
Gone are the days when you need to hold title official documentation to establish that you own the land or premises, given that the Land Registry have everything they need in a digital format.
I'm purchasing a new build house in Halifax with a mortgage from Platform Home Loans Ltd. The sellers refused to budge the amount so I negotiated £7000 of additionals instead. The sale representative advised me not reveal to my conveyancer about the extras as it would affect my mortgage with Platform Home Loans Ltd. Do I keep my lawyer in the dark?.
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.
My cousin has suggested that I use his conveyancers in Halifax. Do I follow his recommendation?
There are no two ways about it it’s preferable to select a conveyancing lawyer is to get recommendations from friends or family who have actually experience in using the solicitor you're contemplating using.
Can you provide any top tips for leasehold conveyancing in Halifax from the perspective of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Halifax can be reduced where you get in touch lawyers the minute you market your property and request that they start to collate the leasehold documentation which will be required by the purchasers’ lawyers. If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being put on the market. The buyers and their solicitors will be concerned about purchasing a property where a dispute is unresolved. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as historic as opposed to unsettled. You may think that you are aware of the number of years remaining on your lease but you should double-check via your lawyers. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is below 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s consent? Have you, for example laid down wooden flooring? Most leases in Halifax state that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such alterations. Where you fail to have the consents to hand you should not communicate with the landlord without checking with your solicitor in advance. A minority of Halifax leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers.
I bought a split level flat in Halifax, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Halifax with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2079
With just 54 years left to run we estimate the premium for your lease extension to be between £31,400 and £36,200 plus costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.