My friend recommended that if I am purchasing in Hyde I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes included in the estimate for your Hyde conveyancing searches. It is a large report of about 40 pages, listing and detailing important information about Hyde around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Hyde Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Hyde Education with plans and statistics, Local Amenities and other useful data regarding Hyde.
I bought my flat on 7 May and the transaction details are still not registered. Any reason for this? My conveyancing solicitor in Hyde said it will be registered in a couple of weeks. Are transfers in Hyde particularly slow to register?
There is nothing unique about conveyancing in Hyde registration formalities. As opposed to being determined by geographic area, timescales can vary depending on the party submitting the application, whether it is in order and if the Land registry have to notify any third parties. At present in the region of 80% of such applications are fully dealt with in less than three weeks but occasionally there can be longer delays. Historically registration occurs after the purchaser is living at the premises so 'speed' is not always primary concern but where there is a degree of urgency associated with the registration then you or your conveyancer can communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Hyde differ for newly converted properties?
Most buyers of new build or newly converted property in Hyde approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is constructed. This is because new home sellers in Hyde usually acquire the land, 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 conveyancers 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 Hyde or who has acted in the same development.
Due to the input of my in-laws I had a survey completed on a house in Hyde ahead of appointing lawyers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some mortgage companies tend not give a mortgage on a flying freehold home.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. Should you wish to call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Hyde. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Hyde to see if the conveyancing will be more expensive.
What makes a Hyde lease unacceptable for security purposes?
There is nothing unique about leasehold conveyancing in Hyde. Most leases are unique and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
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Insurance obligations Repairing obligations to or maintain elements of the property
You will 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. National Westminster Bank, Virgin Money, and Barclays Direct all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
Hyde Leasehold Conveyancing - Sample of Queries before Purchasing
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How much is the annual maintenance fee and ground rent? It is important to be aware if fixing the lift or some other significant cost is due in the near future to be shared amongst the tenants and will dramatically increase the the maintenance costs or require a specific payment. Who is in charge of the building?
We own a leasehold flat in Hyde. Conveyancing was finalised in 2009. I have read on various advice forums that I should not let the lease length fall too short. What is the reasoning?
Hyde leasehold properties are for a prescribed term - usually 99 years when they are first granted. However a significant appartments in Hyde were constructed or converted 20 or more years ago and so such leases now have fewer than 80 years left to run. That may seem like a long time but Banks, Building Societies and other mortgage companies generally require leases to have a minimum of seventy five years unexpired to be mortgageable. Accordingly when you come to sell the property you will need a lease extension if you are approaching seventy five years. To increase your property value you should be considering whether to extend your lease well in advance of selling the property. Furthermore significant benefits to doing so before the lease hits eighty years as when the lease is below 80 years the premium you have to pay to extend starts to escalate.