I am expecting a mortgage with Santander. My intention is to enlist the help of a Licensed Conveyancer in Nottingham. Does the Santander Solicitor panel exclude Licensed Conveyancers?
The Santander conveyancing panel is, like many other lenders, associated to the CML or Building Society Association, open to Licensed Conveyancers regulated by the CLC.
What does a local search inform me about the property I am purchasing in Nottingham?
Nottingham conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company for example Searchflow The local search is essential in every Nottingham conveyancing purchase; that is if you wish to avoid any unpleasant surprises after you move into your property. The search should reveal information on, amongst other things, details on planning applications relevant to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.
I bought my apartment on 2 March and the transaction details is not yet registered. Any reason for this? My conveyancing solicitor in Nottingham expressed confidence that it will be registered inside ten days. Are properties in Nottingham particularly slow to register?
There is nothing unique when it comes to conveyancing in Nottingham registration formalities. Rather than based on location, timescales can vary subject to who lodges the application, whether there are errors and whether the Land registry communicate with any interested persons or bodies. As of today roughly three quarters of such applications are completed in less than three weeks but occasionally there can be protracted hold-ups. Registration occurs after the buyer is living at the property thus an expedited registration is not typically top priority but where it is urgent that the the registration takes place urgently then you or your conveyancer should speak with the land registry and explain the circumstances.
Over the last few months I have been searching for a ground for flat up to £235,500 and found one near me in Nottingham I like with a park and station in the vicinity, the downside is that it only has 52 remaining years left on the lease. I can't really find anything else in Nottingham for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be an issue. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
We're first time buyers - agreed a price, but the property agent advised that the owners will only move forward if we instruct their chosen conveyancers as they want a ‘quick sale’. My instinct tells me that we should use a family solicitor who is accustomed to conveyancing in Nottingham
We suspect that the owner is unaware of this requirement. Should the vendor desire ‘a quick sale', taking such a hostile approach to a motivated buyer is likely to cause more damage than good. Try to communicate with the owners directly and make sure they comprehend that (a)you are keen to buy (b)you are ready to progress, with finances arranged © you are chain free (d) you intend to proceed fast (e)but you will continue to appoint your preferred Nottingham conveyancing solicitors - as opposed tothe ones that will provide their negotiator at the agency a kickback or meet his conveyancing thresholds demanded by HQ.
I work for a long established estate agency in Nottingham where we have experienced a few flat sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local Nottingham conveyancing firms. Please can you shed some light as to whether the seller of a flat can start the lease extension process for the buyer?
Provided that 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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 buyer.
Leasehold Conveyancing in Nottingham - Sample of Queries before Purchasing
If a Nottingham lease has fewer than 80 years it will have adverse implications on the salability of the flat. It is worth checking with your bank that they are willing to to proceed given the lease term. Leases with fewer than 80 years remaining means that you will probably need a lease extension at some point and you need to have some idea of what this would cost. Remember, in most cases you will need to own the property for a couple of years before you are entitled to exercise a lease extension. The best form of lease arrangement is a share of the freehold. In this scenario the leaseholders enjoy being in charge if their destiny and although a managing agent is usually employed if the building is larger than a house conversion, the managing agent acts for the leaseholders themselves. Its a good idea to discover as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents from a financial perspective and when it comes to practical matters such as the upkeep of the common parts. You should not be shy to ask prospective neighbours what they think of their service. On a final note, find out the dates that the maintenance fees are due to the appropriate party and precisely what you get for your money.