Various internet forums that I have frequented warn that are a common cause of stalling in Askam In Furness house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays during the legal transfer of property. Local searches are not likely to feature in any slowing down conveyancing in Askam In Furness.
I am buying a new build flat in Askam In Furness. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Askam In Furness
Please confirm the Lease plans are architect prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
Due to the advice of my in-laws I had a survey completed on a property in Askam In Furness ahead of instructing solicitors. I have been advised that there is a flying freehold aspect to the house. The surveyor advised that some lenders will refuse to issue a mortgage on a flying freehold home.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Halifax. Should you wish to call us we can investigate further via the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Askam In Furness. Conveyancing will be smoother if you use a solicitor in Askam In Furness especially if they regularly deal with such properties in Askam In Furness.
I work for a reputable estate agent office in Askam In Furness where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received contradictory information from local Askam In Furness conveyancing firms. Please can you clarify whether the vendor of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
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.
I purchased a basement flat in Askam In Furness, conveyancing having been completed half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Askam In Furness with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 yearly. The lease finishes on 21st October 2085
With 64 years left to run we estimate the premium for your lease extension to range between £15,200 and £17,600 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.
At what stage do I cover the costs of the Stamp Duty Land Tax payable for my Askam In Furness flat purchase?
The lawyer should fill out a Land Transaction Return Form for you during your Askam In Furness conveyancing transaction for you to sign. After completion your solicitor will submit the STL application to the Inland Revenue and - assuming they have the money - settle any Stamp Duty payable on your behalf.