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Find a Rochdale Conveyancing Solictior on Your Lender’s Panel

Ready to buy a new home in Rochdale? Failing to check that a lawyer is on your lender’s list of approved solicitors can put your Rochdale home move at risk of delay or failure.

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Recently asked questions about conveyancing in Rochdale

The Rochdale conveyancing firm handling our Rochdale conveyancing has identified a difference when comparing the surveyor’s assumptions in the home valuation report and what is revealed within the legal papers for the property. My solicitor says that he is obliged to check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s stance appropriate?

Your property lawyer must comply with the UK Finance Lenders’ Handbook conditions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.

Do lenders provide you with an approved list of Rochdale conveyancing solicitors? How do you know who is on the UBS conveyancing panel?

Rochdale conveyancing firms themselves provide us confirmation that they are on the UBS conveyancing panel as opposed to being supplied with a list from UBS directly.

A relative recommended that if I am purchasing in Rochdale I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?

This is a search is sometimes included in the estimate for your Rochdale conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Rochdale around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Rochdale Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Rochdale Education with maps and statistics, Local Amenities and other useful data regarding Rochdale.

I am tempted by the attractive purchase price for a couple of flats in Rochdale which have approximately 50 years left on the lease term. Will this present a problem?

There is no doubt about it. A leasehold flat in Rochdale is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and mortgage companies, leases with under eighty 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 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 Rochdale 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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 am the registered owner of a 1st floor flat in Rochdale, conveyancing formalities finalised half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Rochdale with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2091

With 68 years unexpired the likely cost is going to span between £9,500 and £11,000 plus professional fees.

The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.

Is there a reason that Rochdale conveyancing charges are more expensive for leasehold and freehold properties?

There is always increased work required for leasehold conveyancing. Rochdale has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including up to date service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.

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