Me and my partner are purchasing our first house. Our property lawyer has contact usto check if we want to order additional conveyancing searches. Frankly we are clueless as to what's relevant for conveyancing in Mossley Hill
The range of Mossley Hill conveyancing searches depends primarily on the property, the location, the likelihood of any of these risks, your familiarity of the region and risks, your overall attitude to risk. What matters is that you properly appreciate what information the searches could supply. You may then decide if you consider that you need that information. Should you be unclear, ask the lawyer to explain.
A friend informed me that in purchasing a property in Mossley Hill there may be various restrictions as to what one can do in terms of external alterations to the property. Is this right?
There are anumerous of properties in Mossley Hill which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Mossley Hill should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I happen to be the single beneficiary of my late mum's estate with all property in now in my sole name, including the house in Mossley Hill. Conveyancing formalities meant that the Land Registry date was in June. I plan to dispose of the property. I understand that there is a Mortgage Lenders six month 'rule', which means that my proprietorship may be treated the same way as if I'd bought the property in June. Will no one buy the property for half a year?
The CML handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you might be impacted by that. How practical a view lenders take of it, depend on the bank as this clause principally exists to pick up on the purchase and immediately sell or the quick reselling of properties.
I have paid off my mortgage with Co-operative. I assume I don't need a Mossley Hill lawyer on the Co-operative panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Co-operative mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Co-operative mortgage from the register. Co-operative, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Co-operative has sent the Land Registry the discharge electronically, and
- Co-operative has instructed the Land Registry to do so
I moved into my apartment on 1 November and the transaction details is not yet registered. Should I be concerned? My conveyancing solicitor in Mossley Hill expressed confidence that it should be concluded inside ten days. Are titles in Mossley Hill uniquely lengthy to register?
As far as conveyancing in Mossley Hill is concerned, registration is no faster or slower than the rest of the country. Rather than based on location, timeframes can differ subject to the party submitting the application, whether there are errors and if the Land registry must send notices to any other parties. At present in the region of 80% of submission are completed within two weeks but occasionally there can be protracted hold-ups. Registration is effected after the buyer has moved in to the premises so registration formalities is not typically top priority yet if it is urgent that the the registration takes place urgently then you or your solicitor could communicate with the Registry to express the reasoning for the application to be prioritised.
I am buying a new build apartment in Mossley Hill. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Mossley Hill
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Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Please supply evidence that the form of Lease proposed has been approved by the Land Registry.
Over the last few months I have been searching for a flat up to £245,000 and identified one round the corner in Mossley Hill I like with a park and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. I can't really find anything else in Mossley Hill suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a home loan that many years will be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign 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 am employed by a long established estate agent office in Mossley Hill where we have experienced a number of leasehold sales derailed as a result of short leases. I have received conflicting advice from local Mossley Hill conveyancing firms. Could you clarify whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
Mossley Hill Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
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Please note that where the lease has fewer than 80 years it will impact the value of the property. Check with your bank that they are happy with the length of the lease. A short lease means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out what this would cost. Remember, in most cases you will be be obliged to have owned the premises for two years before you are entitled to extend the lease. Are there any major works in the planning that will likely increase the maintenance costs? Its a good idea to discover as much as you can about the company managing the building as they can either make living at the property much simpler or a lot more difficult. Being a leasehold owner you will be at the mercy of the managing agents from a financial perspective and when it comes to day to day issues like the upkeep of the common parts. Don't be shy to ask prospective neighbours what they think of them. On a final note, find out the dates that the maintenance charges are due to the relevant party and precisely how they are spending that money.