I am need of leasehold conveyancing for an apartment in a relatively new development (6 years built) in Morecambe. 95% of the flats are already disposed of. Is it really necessary to order neighbourhood searches for my conveyancing in Morecambe?
You would be taking a significant risk in not carrying out Morecambe conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would absolutely advise in no uncertain terms that your lawyer conducts them. If speed and expenses are primary issues you should consider with your solicitor about the options such as contingency insurance available to you
What does my ID and proof of funds have anything to do with my conveyancing in Morecambe? Why is this being asked of me?
Morecambe conveyancing solicitors as well as nationwide property lawyers accross the UK have a duty under money laundering regulations to check the identity of any client in order to ensure that clients are who they say they are.
Conveyancing clients are required to provide two forms of certified identification; proof of ID (typically a Passport or Driving Licence) and proof of address (usually a Utility Bill less than 3 months old).
Confirmation of the origin of monies is also necessary under the money laundering laws as lawyers have a duty to ensure that the funds you are using to buy a property (whether it be the deposit for exchange or the full purchase monies if you are a cash purchaser) has originated from legitimate source (such as an inheritance) and is not the proceeds of illegitimate behaviour.
Have purchased a a semi-detached house in Morecambe , What is the estimated time for the Land Registry to register my ownership? My Morecambe conveyancing solicitor works at snail pace, so I want to be sure the land registry aspects are concluded.
As far as conveyancing in Morecambe registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can adjust subject to the party submitting the application, whether it is in order and if the Land registry communicate with any 3rd parties. At present in the region of three quarters of submission are completed in less than three weeks but occasionally there can be protracted delays. Historically registration occurs after the buyer has moved in to the property therefore 'speed' is not typically primary concern but where it is urgent that the the registration takes place urgently then you or your lawyers could communicate with the Registry to express the reasoning for an expedited registration.
How does conveyancing in Morecambe differ for newly converted properties?
Most buyers of new build or newly converted property in Morecambe contact us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is completed. This is because builders in Morecambe 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 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 used to new build conveyancing in Morecambe or who has acted in the same development.
I am looking at a two apartments in Morecambe which have approximately forty five years unexpired on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Morecambe is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. For most purchasers and lenders, leases with less than eighty years become less and less marketable. 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 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 property 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 Morecambe conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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.
I own a basement flat in Morecambe, conveyancing formalities finalised November 2001. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Morecambe with over 90 years remaining are worth £265,000. The ground rent is £50 levied per year. The lease finishes on 21st October 2100
With just 76 years left to run the likely cost is going to range between £8,600 and £9,800 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
What is the reason for new build conveyancing in Morecambe being more expensive?
Conveyancing in Morecambe for newly converted or new build properties can sometimes involve adoption of highways & drains, building regulations approval, planning permission, new build warranties such NHBC as well as supplemental questions and contractual concerns.