My partner and I are close to exchanging contracts on the sale of our home in Wilmslow and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any local lawyer would know this is not the case. For the life of me I don't know why the purchasers instructed a nationwide conveyancing practice as opposed to a conveyancing solicitor in Wilmslow. Having lived in Wilmslow for 4 years we know that this is a non issue. Is it a good idea to contact our local Authority to get clarification that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. What do they say? You need to enquire of your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
4 months have gone by since my purchase conveyancing in Wilmslow completed. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. 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.
How does conveyancing in Wilmslow differ for new build properties?
Most buyers of new build or newly converted property in Wilmslow come to us having been asked by the builder to sign contracts and commit to the purchase even before the house is finished. This is because builders in Wilmslow typically purchase the land, 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 conveyancing solicitors 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 Wilmslow or who has acted in the same development.
I am attracted to a two flats in Wilmslow which have approximately 50 years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Wilmslow is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most buyers and banks, leases with less than 75 years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 Wilmslow 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 invested in buying a garden flat in Wilmslow, conveyancing having been completed half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Wilmslow with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2088
With just 64 years left to run we estimate the price of your lease extension to be between £14,300 and £16,400 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.
What type of property do your Wilmslow conveyancing quotes relate to?
Our conveyancing quotes are only relevant to standard residential premises in England & Wales. Where you have any different needs for instance industrial or agricultural land or commercial conveyancing in Wilmslow do contact us to discuss your requirements .