I have given 8 weeks notice to my current landlord and have to be out of my rented apartment in Horsforth by the end of next month. Conveyancing on my purchase is underway. Is it possible to complete in 5 weeks as don't want to have to move into short term accommodation?
Generally one should not serve notice on a rental unless exchange of contracts has taken place. If you have not previously done so, notify to your conveyancer and request that they apply pressure on the sellers side, try to an agreed time frame that everyone will aim towards
When it comes to mortgage companies such as Bank of Ireland, do Horsforth conveyancers incur a yearly amount to be on the conveyancing panel?
We are unaware of any mortgage company fees to register on their list of approved firms, although some do charge an administration charge to deal with the processing of the conveyancing panel application.
My husband and I are at the point of viewing flats in Horsforth and I am about to put in an offer. Is it advisable to have a property lawyer on ‘stand by’? I intend to finance via a mortgage with TSB.
It would be sensible to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are obtaining a mortgage with TSB, ask your prospective lawyers if they are on the TSB conveyancing panel otherwise they can't do the mortgage legal work.
I have decided to exercise my right to buy my property in Horsforth off the council. I have a mortgage agreed with Leeds Building Society. Conveyancing is new to me. Can I proceed without a solicitor easily? I think we can but we keep being told I should have one. Any advice?
It is not advisable to proceed with a house purchase without a solicitor. The council's solicitor are not acting for you. You need a solicitor for a number reasons. One of which is to verify what plans the Council have for repairs and refurbishment for the next five years. Many leaseholders have been stung for contributions of thousands of pounds. In any event, if you are getting a mortgage with Leeds Building Society, you will need to appoint a solicitor on the Leeds Building Society conveyancing panel.
How does conveyancing in Horsforth differ for newly converted properties?
Most buyers of new build premises in Horsforth approach us having been asked by the developer to sign contracts and commit to the purchase even before the residence is completed. This is because developers in Horsforth tend to acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Horsforth or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one near me in Horsforth I like with open areas and railway links nearby, the downside is that it only has 49 years on the lease. There is not much else in Horsforth in this price bracket, so just wondered if I would be making a grave error buying a short lease?
Should you require a mortgage the shortness of the lease may be problematic. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor concerning this.
I am tempted by the attractive purchase price for a couple of apartments in Horsforth which have approximately 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Horsforth is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Horsforth conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I own a basement flat in Horsforth, conveyancing was carried out 4 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Horsforth with over 90 years remaining are worth £175,000. The average or mid-range amount of ground rent is £65 per annum. The lease comes to an end on 21st October 2077
With 58 years left to run we estimate the premium for your lease extension to span between £23,800 and £27,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.