I acquired my apartment on 5 March and my personal details is not yet registered. Any reason for this? My conveyancing solicitor in Blackley said it should be registered inside ten days. Are titles in Blackley uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Blackley registration formalities. Rather than based on location, timeframes can differ subject to the party submitting the application, whether there are errors and if the Land registry have to notify any 3rd persons or bodies. At present approximately three quarters of such applications are fully addressed within two weeks but occasionally there can be longer hold-ups. Historically registration takes place after the new owner is living at the property thus 'speed' is not typically an essential issue but where there is a degree of urgency associated with the registration then you or your solicitor can communicate with the Registry to express the reasoning for the application to be prioritised.
I am buying my first flat in Blackley with the aid of help to buy. The builders refused to move on the price so I negotiated £7000 of extras instead. The property agent advised me not reveal to my solicitor about the deal as it could affect my mortgage with the lender. Is this normal?.
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 put an offer in last month in what should have been a simple, no chain conveyancing. Blackley is the location of the property. Can you offer any assistance?
Flying freeholds in Blackley are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Blackley you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Blackley 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 residence.
I am a negotiator for a reputable estate agent office in Blackley where we have witnessed a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Blackley conveyancing solicitors. Can you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, 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.
Blackley Conveyancing for Leasehold Flats - A selection of Queries Prior to buying
Where a Blackley lease has fewer than 80 years it will impact the value of the flat. It is worth checking with your mortgage company that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this would cost. Remember, in most cases you would be required to have owned the residence for 24 months in order to be entitled to extend the lease. Generally speaking the outlay for major works tend not to be wrapped into the maintenance charges, although there some managing agents in Blackley ask leaseholders to contribute towards a sinking fund created for the specific purpose of building a fund for major repairs or maintenance. Best to be warned whether window replacement or some other major work is coming up that will be shared by the leaseholders and may well materially increase the the service charges or require a one off invoice.
I have miscalculated my finances and am a few thousand pounds short a 10% deposit on my flat purchase in Blackley , but I still want to proceed. Do I have options?
You can accept a smaller deposit. Many property owners will accept a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last moment