I am acquiring a ground floor flat in Rusholme. My property lawyer is not on the bank conveyancing panel. Am I still permitted to appoint my Rusholme conveyancing solicitor even though they are not on the mortgage company approved list?
You have numerous options available to you here
- Complete the purchase with your existing Rusholme property lawyer but your bank will undoubtedly use a conveyancer from their approved panel. This will result in additional cost together with probable interruption.
- Choose a fresh conveyancing practitioner to act in the purchase, obviously checking they are on the bank conveyancing panel.
- Convince your solicitor to do everything within their powers to get accepted on the mortgage company panel of solicitors
My partner and I are only a couple days away from an exchange on a property in Rusholme and my parents have sent the ten percent deposit to my conveyancing practitioner. I am now told that as the deposit has been received from someone other than me my solicitor needs to disclose this to my lender. I am advised that, in also acting for the lender he must advise them that the balance of the purchase price is coming from anyone other than me. I advised the lender about my parents' contribution when I applied for the mortgage, so is it really appropriate for him to raise this?
The solicitor is obliged to clarify with lender to ensure that they know that the balance of the purchase price is not from your own funds. Your solicitor can only reveal this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
It has been 4 months following my purchase conveyancing in Rusholme took place. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Rusholme I like with amenity areas and transport links nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Rusholme for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you require a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing owner has owned the property for at least twenty four months you may request that they start the process of the extension and pass 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 lawyer concerning this matter.
I am employed by a reputable estate agent office in Rusholme where we have witnessed a few leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given inconsistent advice from local Rusholme conveyancing solicitors. Please can you confirm whether the owner 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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, 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.
I own a garden flat in Rusholme, conveyancing formalities finalised 4 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Rusholme with a long lease are worth £185,000. The ground rent is £65 per annum. The lease expires on 21st October 2085
With only 60 years unexpired the likely cost is going to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
Should one remove a departed person's name from the title register for a property in Rusholme?
Where a Rusholme property is jointly owned and one of the proprietors dies, their name will not immediately be removed from the title deeds. You are not required to amend the title as when it comes to a sale you would just be asked to supply proof as to the reason the co owner is not a party to the transfer, usually this is in the form of a grant of probate.
With the aim of making the sale conveyancing more straight forward for the sale of the property you can apply to have the deceased person erased from the title by applying to the land registry with proof of the death. There is no land registry fee payable.