I have given 8 weeks notice to my current landlord and have to be out of my let out flat in Penwortham by 24/6/2025. Conveyancing on my purchase is underway. How realistic is it to complete in 5 weeks as don't want to have to move into short term accommodation?
The normal practice is not to serve notice on a rental unless you have exchanged. If you have not previously done so, contact to your lawyer and ask them to they chase the sellers lawyers, try to get a realistic time scale from them that everyone will aim to achieve
My aunt passed away six months ago and as sole heir and executor I was left the property in Penwortham. The house had a small mortgage left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to Virgin Money, pay off the mortgage. Is this allowed?
Where you plan to refinance then Virgin Money will insist on your using a conveyancer on the Virgin Money conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Virgin Money conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Virgin Money mortgage is registered as a charge at the Land Registry.
Various online forums that I have frequented warn that are the primary reason for delay in Penwortham conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) released determinations of a review by MoveWithUs that conveyancing searches do not feature within the common causes of delays in the conveyancing process. Local searches are unlikely to be the root cause of delay in conveyancing in Penwortham.
I'm purchasing a new build house in Penwortham with the aid of help to buy. The builders refused to budge the price so I negotiated 6k of additionals instead. The house builders rep advised me not disclose to my lawyer about this extras as it will affect my loan with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
What makes a Penwortham lease problematic?
There is nothing unique about leasehold conveyancing in Penwortham. All leases are individual and legal mistakes in the legal wording can result in certain provisions are not included. The following missing provisions could result in a defective lease:
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Insurance obligations Repairing obligations to or maintain elements of the property
You could have a problem when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Birmingham Midshires, Coventry Building Society, and Clydesdale all have express conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I am the registered owner of a leasehold flat in Penwortham, conveyancing having been completed September 1998. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Penwortham with a long lease are worth £186,000. The ground rent is £55 invoiced every year. The lease runs out on 21st October 2078
With only 53 years remaining on your lease we estimate the price of your lease extension to range between £27,600 and £31,800 as well as costs.
The figure above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
What can I expect to pay for conveyancing in Penwortham?
The total sum charged for conveyancing in Penwortham may vary considerably from firm to firm. Given these differences it especially important that you have a full summary of costs when you first instruct a lawyer. It is advisable to find three or four like for like quotes.