Is there a reason why leasehold purchase conveyancing in Stretford costs more?
The conveyancing costs on a leasehold premises in Stretford is frequently more expensive than on a freehold acquisition or disposal. This is due to the supplemental investigations necessary in liaising with the landlord and managing agents to obtain evidence about whether the rent and maintenance fee have been discharged and whether there are any large sums expected to be spent in the near future on repairs or maintenance of the block.
We previously instructed conveyancers based in Stretford on the Nottingham solicitor approved list. They are now charging me a further amount for the legal aspects of the Nottingham mortgage. Is this an additional conveyancing fee set by Nottingham?
Unfortunately, so long as it is in their Terms and Conditions or Quote then yes your conveyancer is entitled to levy a fee for this. This charge is not dictated by Nottingham but by your Stretford conveyancer. Numerous firms on the Nottingham panel will charge ’dealing with mortgage’ fee but some firms include it on their overall fee.
We have agreed to purchase a house in Stretford. One unusual aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Virgin Money be concerned?
Given that your lender is Virgin Money your lawyer must check the conveyancing instructions outlined in Section two of UK Finance Lenders’ Handbook for Virgin Money. The CML Handbook stipulates minimum provisions for solar panel roof-space leases, and conveyancing practitioners are required to report to Virgin Money where a lease fails to comply with these requirements. The conditions relate to the installation of panels on properties in England and Wales and is not isolated to Stretford.
It is unclear whether my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Stretford bank branch on a couple of occasions and was told it does not impact the mortgage offer and they will lend. My Stretford conveyancing solicitor - who is on the mortgage company conveyancing panel- telephoned and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
As long as the conveyancer is on the lender approved list, she or he must follow the CML Handbook conditions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the lender to contact your lawyer in writing confirming that they will accept the number of years remaining.
I require quick conveyancing in Stretford as I am under a deadline to complete within one month. A mortgage is not required. Is it possible to decline from having conveyancing searches to save fees and time?
If.Given you are are a mortgage free purchaser you are at free not to do searches although no law firm would recommend that you don't. Drawing on our experience of conveyancing in Stretford the following are examples of what can arise and adversely impact the marketability of the property: Refused Planning Applications, Outstanding Charges, Outstanding Grants, Unadopted Roads,...
I am buying a new build house in Stretford with the aid of help to buy. The builders would not reduce the amount so I negotiated £7000 of extras instead. The house builders rep told me not inform my lawyer about this extras as it would adversely affect my mortgage with Platform Home Loans Ltd. 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.
Yesterday I discovered that there is a flying freehold element on a house I have offered on two weeks back in what should have been a simple, chain free conveyancing. Stretford is the location of the property. Can you offer any advice?
Flying freeholds in Stretford are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Stretford you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stretford may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I only have Sixty One years left on my lease in Stretford. I need to get lease extension but my landlord is missing. What are my options?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be granted an extra 90 years by the Court. You will be obliged to demonstrate that you have used your best endeavours to track down the lessor. In some cases a specialist may be useful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the landlord is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court overseeing Stretford.
Stretford Conveyancing for Leasehold Flats - A selection of Questions you should ask before buying
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Plenty Stretford leasehold apartments will incur a service bill for the upkeep of the block levied by the freeholder. Should you purchase the property you will have to meet this amount, normally quarterly accross the year. This can vary from two or three hundred pounds to thousands of pounds for large purpose-built buildings. In all probability there will be a ground rent to be met yearly, this is usually not a significant sum, say about £50-£100 but you should to check as on occasion it can be many hundreds of pounds. Are any of leasehold owners in dispute over their service charge payments? If a Stretford lease has less than 80 years it will impact the value of the flat. Check with your mortgage company that they are happy with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you would need to own the property for 24 months before you are legally able to exercise a lease extension.