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Ready to buy a new home in Accrington? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Accrington transaction at risk of delay or failure.

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Recently asked questions about conveyancing in Accrington

My wife and I have lately bought a property in Accrington. We have since encountered a number of issues with the house which we consider were omitted in the conveyancing searches. What action can we take? What searches should? have been carried out as part of conveyancing in Accrington?

The question is vague as to the nature of the problems and if they are relate to conveyancing in Accrington. Conveyancing searches and due diligence initiated during the legal transfer of property are supposed to help avoid problems. As part of the process, a property owner fills in a form called a SPIF. answers ends up being inaccurate, you could possibly take legal action against the seller for any losses that you have suffered. The survey should have identified any problems with the structure of the property. Assuming a detailed survey was carried out and the issues were not identified, you may have a claim against the surveyor. However, if you did not have a full survey, you may be responsible for fixing any defects that have now been noted. We would always encourage buyers to take every possible step to ensure they are completely aware of the condition of a property before purchase regardless of whether they are buying in Accrington.

About to place a bid on a leasehold apartment in Accrington. The property agents tell me that it is normal for flats in Accrington to have less than 75 years remaining. I am getting a mortgage with Bank of Ireland. Will the property be mortgageable given that the lease has Seventy One years to go.

Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. Bank of Ireland have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 2/12/2018 the requirements read as follows :

Yes, subject to a minimum lease term of 85 years. The unexpired lease term must be at least the mortgage term plus 45 years. See also 5.14.9

I am purchasing my first flat in Accrington benefiting from help to buy. The builders refused to move on the amount so I negotiated 6k of extras instead. The property agent told me not disclose to my conveyancer about the extras as it could impact my mortgage with the lender. Do I keep my lawyer in the dark?.

All lenders require a Disclosure of Incentives Form from the builder 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 issue on a house I have offered on last month in what should have been a quick, chain free conveyancing. Accrington is the location of the property. What do you suggest?

Flying freeholds in Accrington are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Accrington you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Accrington may decide 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 premises.

Having checked my lease I have discovered that there are only Fifty years remaining on my flat in Accrington. I am keen to get lease extension but my freeholder is absent. What are my options?

If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to prove that you or your lawyers have done all that could be expected to find the lessor. For most situations an enquiry agent should be useful to conduct investigations and to produce an expert document which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a solicitor in relation to devolving into the landlord’s disappearance and the vesting order request to the County Court covering Accrington.

I invested in buying a studio flat in Accrington, conveyancing having been completed in 2005. How much will my lease extension cost? Comparable properties in Accrington with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease finishes on 21st October 2089

With only 71 years left to run the likely cost is going to range between £9,500 and £11,000 plus costs.

The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.

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Find out more about how flying freehold can affect your the value of a property.