My husband and I are intent on purchasing a maisonette in Leyland. My Conveyancer is not listed on the bank conveyancing panel. Am I still permitted to use my Leyland conveyancing solicitor notwithstanding that they are not on the mortgage company list of approved lawyers?
You will need to instruct a solicitor to deal with the formalities when you need a mortgage to buy your home. The property lawyer will carry out all the essential due diligence on the property, make sure that you’re registered as proprietor and ensure that all the required mortgage documentation is dealt with. You could appoint a Leyland property lawyer of your choosing. However, where the solicitor selected is not on the mortgage company approved list supplemental costs will be levied as separate legal representation will be need by the lender. Conveyancing panel applications may be submitted, so if your conveyancer has not previously sought membership they can do so.
Our god-son is in the process of securing a house that has just been built in Leyland with a home loan from Virgin Money. His solicitor has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Virgin Money conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Virgin Money conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Is there a reason why leasehold purchase conveyancing in Leyland costs more?
The conveyancing charges for a leasehold premises in Leyland is inevitably higher as compared to a freehold property. This is because there is an amount of extra work required in corresponding with the landlord and management company to obtain evidence about whether the rent and service fee have been discharged and whether there are any major works due in the near future on repairs or maintenance of the block.
I own a terraced Edwardian property in Leyland. Conveyancing lawyer represented me and Accord Mortgages Ltd. I happened to do a free search for it on the Land Registry database and I saw two entries: one for freehold, another for leasehold under the matching property. I thought I was buying a freehold how can I check?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Leyland and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with your conveyancing practitioner who conducted the purchase.
How does conveyancing in Leyland differ for newly converted properties?
Most buyers of new build premises in Leyland come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because new home sellers in Leyland typically acquire 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 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 Leyland or who has acted in the same development.
I am attracted to a two flats in Leyland both have approximately 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Leyland is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the value of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 premises 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 Leyland 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.
Leyland Conveyancing for Leasehold Flats - Examples of Questions you should ask before buying
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Best to be warned whether window replacement or some other major work is pending that will be shared between the tenants and will materially impact the level of the maintenance costs or require a specific invoice. The answer will be useful as a) areas could result in problems for the building as the common areas may begin to deteriorate where maintenance remain unpaid b) if the tenants have a dispute with the managing agents you will wish to have full disclosure Does the lease have onerous restrictions?