I am acquiring a newly built apartment in Baguley and my conveyancer is telling me that she is duty bound to the bank to reveal incentives from the builder. The Estate Agents are hassling me to exchange and my preference is not to prolong deal. Is my lawyer right?
You should not exchange unless you have been advised to do so by your conveyancer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
Various web forums that I have frequented warn that are the main reason for hinderance in Baguley house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to be the root cause of slowing down conveyancing in Baguley.
The deeds to my house are lost. The solicitors who handled the conveyancing in Baguley 10 years ago have long since closed. What do I do?
As long as the title is registered the details of your ownership will be held by the Land Registry with a Title Number. It is easy to conduct a search at the Land Registry, identify your property and get up to date copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will usually hold a certified copy of the Registered Lease and again, a copy can be obtained for a small fee.
Do you have any advice for leasehold conveyancing in Baguley with the purpose of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in Baguley can be reduced if you get in touch lawyers as soon as your agents start marketing the property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers. If you have the benefit of shareholding in the freehold, you should make sure that you hold the original share document. Arranging a re-issued share certificate can be a lengthy formality and frustrates many a Baguley home move. Where a reissued share certificate is necessary, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible. In the event that you altered the property did you need the Landlord’s approval? In particular have you installed wooden flooring? Baguley leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence issued by the Landlord acquiescing to such works. Should you dont have the paperwork to hand you should not communicate with the landlord without checking with your conveyancer in the first instance. The majority of landlords or Management Companies in Baguley levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most usual cause of frustration in leasehold conveyancing in Baguley.
I bought a ground floor flat in Baguley, conveyancing having been completed February 2004. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Baguley with a long lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease comes to an end on 21st October 2081
With only 61 years unexpired the likely cost is going to range between £18,100 and £20,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending 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 other issues that need to be considered and clearly you want to 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.
Is planning permission necessary to change a single dwelling into two flats in Baguley? This has taken place to a property adjacent to my house in Baguley and was not aware of the conversion until it was complete.
Planning Consent yes. Building Reg Approval yes.