Is it realistic for conveyancing in Levenshulme to be completed in two weeks?
In a situation where you are under time constraints for your conveyancing it is highly recommended that your lawyer is familiar with the location as they will have local connections and know-how. It is even conceivable that they may have conducted previoushomes in the same neighbourhood. You would be best advised to use a Levenshulme conveyancing lawyer. Second, check that the lawyer is on the on the approved list for your mortgage company. It is believed that 18% of Levenshulme conveyancing deals are frustrated or jeopardised after finding out that a purchaser’s solicitor was not on their mortgage lender’s member panel. This can often result in the legal process being delayed by an average of 21 days. It is understood that this issue affects approximately one hundred thousand home sales annually. Many Levenshulme conveyancing firms can not represent certain banks so do check as early as possible.
I purchased a freehold property in Levenshulme but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Levenshulme and has limited impact for conveyancing in Levenshulme but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
4 months have gone by since my purchase conveyancing in Levenshulme completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. 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 premises 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.
Due to the guidance of my in-laws I had a survey completed on a house in Levenshulme ahead of instructing lawyers. I have been advised that there is a flying freehold aspect to the property. The surveyor has said that some mortgage companies will refuse to give a loan on this type of home.
It varies from the lender to lender. HSBC has different requirements from Nationwide. Should you wish to telephone us we can check via the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Levenshulme. Conveyancing will be smoother if you use a solicitor in Levenshulme especially if they are familiar with such properties in Levenshulme.
I am employed by a long established estate agent office in Levenshulme where we have witnessed a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Levenshulme conveyancing firms. Can you shed some light as to whether the seller of a flat can start the lease extension process 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
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.
Leasehold Conveyancing in Levenshulme - Examples of Questions you should ask before Purchasing
Is the freehold owned jointly by the leaseholders? It is important to be aware if a new roof is being installed or some other major work is due in the near future that will be shared between the leasehold owners and may well materially increase the the service fees or result in a specific invoice. The prefered form of lease structure is a share of the freehold. In this situation the lessees have control and although a managing agent is frequently employed where it is larger than a house conversion, the managing agent is directed by the tenants.