We are a couple about to exchange contracts for a leasehold flat in Wolverhampton. We have hit a stumbling block. The mortgage offer with Chelsea Building Society runs out on 20/9/2019 but the vendors are putting forward a completion date of 24/9/2019. Is it possible to extend the loan expiry date?
The best person to deal with your question is your lawyer who should assess if they better off negotiating with the mortgage broker, vendor’s lawyers, estate agents or possibly all parties based on the circumstances your transaction as of today.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a simple, chain free conveyancing. Wolverhampton is where the house is located. What do you suggest?
Flying freeholds in Wolverhampton are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wolverhampton you must be sure that your lawyer goes through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Wolverhampton 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.
I am looking to sell my property. My previous conveyancers have shut. I am in need of a recommendation of a conveyancing firm. Im based in Wolverhampton if that makes a difference.
Do use our search tool to help you find a solicitor for your conveyancing in Wolverhampton. We have connected thousands of home buyers and sellers with lender approved solicitors to ensure that the legalities of their house move goes with a minimum of fuss.
Last February I purchased a leasehold flat in Wolverhampton. Do I have any liability for service charges for periods before completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Leasehold Conveyancing in Wolverhampton - A selection of Questions you should consider Prior to buying
What prohibitions are contained in the Wolverhampton Lease? Where a Wolverhampton lease has less than 80 years it will impact the salability of the flat. It is worth checking with your lender that they are content with the length of the lease. Leases with less than 80 years remaining means that you will almost definitely have to extend the lease at some point and you need to have some idea of how much this will be. Remember, in most cases you will be required to have owned the property for two years in order to be entitled to exercise a lease extension. You should want to discover as much as you can regarding the managing agents as they will either make life much easier or much more difficult. As the owner of a leasehold property you are frequently at the mercy of the managing agents from a financial perspective and when it comes to daily issues such as the cleanliness of the common parts. Enquire of other tenants whether they are happy with their service. Finally, investigate as to the dates that you are obliged pay the maintenance charge to the relevant party and precisely what it includes.
I am an executor of my recently deceased mother’s Will, with a bungalow in Wolverhampton which will be marketed. The bungalow is unregistered at HMLR and I'm advised that many EAs will insist that it is completed before they will move forward. What's the procedure for this?
In the circumstances that you have set out it seems prudent to seek to register in the names of the personal representative(s) as named in the probate and in their capacity as PRs. HMLR’s online guidance explains how to register for the first time and what is required re the deeds and forms. You would need to include and certified copy of the probate as well and complete the form FR1 to refer to the PRs as the applicant.