I require quick conveyancing in Greater Manchester as I am faced with an ultimatum to complete within 4 weeks. A mortgage is not required. Can I escape the need for conveyancing searches to save money and time?
If.Given you are not obtaining a mortgage you have the choice not to have searches carried out although no conveyancer would advise that you don't. With plenty of history conveyancing in Greater Manchester the following are examples of issues that can arise and adversely affect future mortgageability: Refused Planning Applications, Outstanding Charges, Overdue Grants, Unadopted Roads,...
four months have gone by following my purchase conveyancing in Greater Manchester took place. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and found one close by in Greater Manchester I like with amenity areas and transport links nearby, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Greater Manchester suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
If you need a mortgage that many years may be a potential deal breaker. Reduce the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I have been pointed in your direction by numerous selling agents in Greater Manchester to find a property lawyer using your seach tool. What’s the financial advantage for Estate Agents to recommend your site ahead of a competitor’s?
We refuse to make any commission for pointing buyers and sellers our way. We thought it would be too underhand a fee as home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
Do you have any advice for leasehold conveyancing in Greater Manchester from the perspective of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Greater Manchester can be avoided where you instruct lawyers the minute your agents start marketing the property and ask them to collate the leasehold information needed by the buyers’ representatives. If you have had conflict with your freeholder or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is ongoing. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled ahead of the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose particulars of the dispute to the purchasers, but it is clearly preferable to present the dispute as historic rather than unresolved. Some Greater Manchester leases require Licence to Assign from the landlord. If this is the case, you should place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference should make it clear that the buyer is financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors. Many landlords or managing agents in Greater Manchester levy fees for providing management packs for a leasehold property. You or your lawyers should enquire as to the fee that they propose to charge. The management information can be applied for on or before finding a buyer, thus accelerating the process. The typical amount of time it takes to receive management information is three weeks. It is the most common cause of frustration in leasehold conveyancing in Greater Manchester.
I bought a 2 bed flat in Greater Manchester, conveyancing was carried out 6 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding flats in Greater Manchester with over 90 years remaining are worth £265,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ends on 21st October 2096
You have 76 years unexpired we estimate the price of your lease extension to be between £8,600 and £9,800 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs 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 you obviously should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.