I'm the single beneficiary of my late grandmother’s estate with all property in now in my sole name, including the my former home in Haydock. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the house. I understand that there is a Mortgage Lenders six month 'rule', meaning my property ownership may be considered the same way as if I'd bought the property in June. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view banks take of it, depend on the bank as this provision principally exists to identify subsales or the wholesaling and assigning of properties.
is it true that all Haydock solicitor practices on the Coventry BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Coventry BS approved list of solicitors they would need to be overseen by the SRA. The majority of lenders do permit licenced conveyancers on their panel and in that case the practice would be governed by the CLC.
I've digested plenty of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Haydock solicitor - who is on the Virgin Money conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Virgin Money will need an independent valuation of the property. Your lawyer will not arrange this. Usually Virgin Money will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Haydock postcode. As you are getting a mortgage with Virgin Money, you could contact them to see if they have a list of approved surveyors in Haydock.
Are there restrictive covenants that are commonly identified during conveyancing in Haydock?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Haydock. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Haydock I like with a park and railway links in the vicinity, the downside is that it's only got 51 years unexpired on the lease. I can't really find anything else in Haydock in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will be problematic. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I have been advised by a few property agents in Haydock to select a property lawyer using your seach tool. Is there a financial advantage for Estate Agents to promote your lawyers rather than alternative conveyancing organisations?
We refuse to offer any commission for sending work our way. We thought it would be too underhand to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why am I not getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
What are the common deficiencies that you come across in leases for Haydock properties?
Leasehold conveyancing in Haydock is not unique. Most leases are drafted differently and drafting errors can result in certain clauses are wrong. For example, if your lease is missing any of the following, it could be defective:
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Maintenance charge proportions which don’t add up to the correct percentage Repairing obligations to or maintain elements of the building
You could have difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. HSBC Bank, Skipton Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease does not cover certain provisions they may refuse to grant the mortgage, obliging the buyer to pull out.
I purchased a 2 bed flat in Haydock, conveyancing was carried out October 2007. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Haydock with an extended lease are worth £175,000. The ground rent is £65 levied per year. The lease ceases on 21st October 2083
With only 58 years unexpired the likely cost is going to range between £21,900 and £25,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.
I am buying a maisonette and cash is in place. I have provided lawyer with 2 separate proof of photo ID, bank statement, endless utility bills. Now he needs a copy from a probate lawyer advising that the funds are in order and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Haydock conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.