My fiance and I are planning to purchase a flat in Ince in Makerfield and are in fact using a Ince in Makerfield conveyancing practice. Within the past 48 hours our solicitor has sent a preliminary report and documents to look through in anticipation of exchanging contracts shortly. Britannia have this evening contacted us to advise us that they have now hit a problem as our Ince in Makerfield solicitor is not on their approved list of lawyers. Is this a problem?
When purchasing a property with mortgage finance it is usual for the purchasers' lawyers to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own lawyers to represent them. You are not legally obliged to appoint a law firm on the bank's conveyancing panel as you are at liberty to use your preferred Ince in Makerfield lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you are adding another lawyer into the mix.
I am the registered owner of a freehold premises in Ince in Makerfield but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Ince in Makerfield and has limited impact for conveyancing in Ince in Makerfield but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
How does conveyancing in Ince in Makerfield differ for newly converted properties?
Most buyers of new build premises in Ince in Makerfield contact us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Ince in Makerfield tend to buy 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 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 Ince in Makerfield or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Ince in Makerfield ahead of instructing lawyers. I have been told that there is a flying freehold element to the property. My surveyor has said that some lenders may not grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Lloyds has different instructions from Birmingham Midshires. If you contact us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Ince in Makerfield. Conveyancing will be smoother if you use a solicitor in Ince in Makerfield especially if they are acquainted with such properties in Ince in Makerfield.
My step-father has encouraged me to use his lawyers for conveyancing in Ince in Makerfield. Should I find my own property lawyer?
Much as we are happy to recommend a Ince in Makerfield conveyancing lawyer it’s preferable to choose a conveyancing lawyer is to have feedback from friends or family who have actually used the conveyancer you're are thinking of instructing.
I am tempted by the attractive purchase price for a couple of flats in Ince in Makerfield both have about 50 years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Ince in Makerfield is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the premises. The majority of buyers and lenders, leases with less than 75 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 property 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 Ince in Makerfield 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.
Leasehold Conveyancing in Ince in Makerfield - A selection of Questions you should consider before Purchasing
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Be sure to investigate if there are any onerous prohibitions in the lease. For example it is fairly common in Ince in Makerfield leases that pets are not allowed in in a block in Ince in Makerfield. If you love the apartmentin Ince in Makerfield yet your cat is not allowed to move with you then you will be faced hard determination. The majority of Ince in Makerfield leasehold flats will incur a service bill for the upkeep of the block invoiced on behalf of the freeholder. Where you buy the apartment you will have to pay this liability, normally in instalments during the year. This could be anything from a few hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a ground rent to be met yearly, normally this is not a large figure, say about £25-£75 but you need to enquire it because sometimes it can be many hundreds of pounds. The answer will be useful as a) areas may cause problems in the building as the communal areas may start to deteriorate if maintenance remain unpaid b) if the leaseholders have a dispute with the managing agents you will need to know about it