My Solicitor in Northop Hall has never been on on the Platform Home Loans Ltd Approved Panel. Can I still retain my family solicitor even though they are not on the Platform Home Loans Ltd panel?
Your options are as follows:
- Carry on with your existing Northop Hall solicitors but Platform Home Loans Ltd will need to retain a lawyer on their panel. This will inevitably rack up the total legal fees as well as result in frustration.
- Find an alternative practitioner to act in the conveyancing, not forgetting to check they are on the Platform Home Loans Ltd panel
Various internet forums that I have visited warn that are the number one reason for delay in Northop Hall conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Northop Hall.
The deeds to my property can not be found. The conveyancers who handled the conveyancing in Northop Hall 5 years ago no longer exist. What are my next steps?
Gone are the days when you need to have the physical original deeds to prove you own the land or property, as the Land Registry hold details of all registered land or property electronically.
I am tempted by the attractive purchase price for a two flats in Northop Hall both 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 apartment in Northop Hall is a wasting asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it adversely affects the value of the premises. For most buyers and lenders, leases with less than 75 years become less and less attractive. 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 property 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 Northop Hall conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 inherited a basement flat in Northop Hall, conveyancing formalities finalised May 2007. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Northop Hall with a long lease are worth £176,000. The average or mid-range amount of ground rent is £50 yearly. The lease comes to an end on 21st October 2076
With just 50 years left to run we estimate the premium for your lease extension to span between £31,400 and £36,200 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
What is the reason for my conveyancing practitioner requiring various items of identification before I can commence with my conveyancing in Northop Hall?
Northop Hall solicitors are duty bound by the Law Society, Solicitors Regulation Authority, HMLR and current Money Laundering Regulations to record that the have checked the identity of their clients. It is also sometimes a condition of your lender if you are obtaining a mortgage. In addition they have to complete various forms, particularly those relating to Land Tax and need to have details such as your full names, NI number and date of birth.