My husband and I are buying a brand new duplex in Whalley Range and my solicitor is informing me that she is duty bound to the bank to reveal incentives from the builder. The Estate Agents are hassling me to exchange and my preference is not to delay the conveyancing. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
A friend advised me that where I am buying in Whalley Range I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
This is a search is usually quoted for as part of the standard Whalley Range conveyancing searches. It is not a small report of more than thirty pages, listing and detailing significant information about Whalley Range around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data regarding Whalley Range.
I completed on my house on 1 April and my personal details are still not on the land registry website. Need I be worried? My conveyancing solicitor in Whalley Range advises it will be recorded in a couple of weeks. Are transfers in Whalley Range particularly slow to register?
As far as conveyancing in Whalley Range is concerned, registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timeframes can adjust according to who lodges the application, whether there are errors and if the Land registry must send notices to any third persons or bodies. At present in the region of 80% of such applications are completed in less than three weeks but occasionally there can be longer delays. Registration is effected once the new owner has moved in to the premises so registration formalities is not typically primary concern but if it is urgent that the the registration takes place urgently then you or your conveyancer must contact the land registry and explain the circumstances.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Whalley Range is where the house is located. Can you offer any guidance?
Flying freeholds in Whalley Range are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Whalley Range you must be sure that your lawyer goes through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Whalley Range may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
Do you have any top tips for leasehold conveyancing in Whalley Range with the intention of speeding up the sale process?
- Much of the frustration in leasehold conveyancing in Whalley Range can be avoided where you appoint lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ solicitors. You believe that you know the number of years left on your lease but it would be advisable verify this by asking your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is below 80 years. It is therefore essential at an early stage that you consider whether the lease term for your property needs extending. If it does, contact your solicitors before you put your premises on the market for sale. In the event that you altered the property did you need the Landlord’s approval? Have you, for example installed wooden flooring? Most leases in Whalley Range state that internal structural alterations or addition of wooden flooring necessitate a licence from the Landlord consenting to such works. If you fail to have the approvals to hand you should not communicate with the landlord without checking with your lawyer first. The majority of freeholders or Management Companies in Whalley Range charge for supplying management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management information can be applied for as soon as you have a buyer, thus accelerating the process. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Whalley Range. If there is a history of conflict with your freeholder or managing agents it is essential that these are resolved before the property is marketed. The buyers and their solicitors will be reluctant to purchase a property where a dispute is unsettled. You may have to bite the bullet and pay any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is clearly preferable to reveal the dispute as historic rather than ongoing.
I invested in buying a studio flat in Whalley Range, conveyancing having been completed in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Whalley Range with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 per annum. The lease runs out on 21st October 2086
With only 65 years remaining on your lease we estimate the price of your lease extension to be between £13,300 and £15,400 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.