I am soon to exchange on the purchase of a house in Ardwick but as a result of wreckage from a small fire at the property I have was able negotiate compensation from the seller of £3k by way of a deduction in the price. I had intended this to be dealt with as part of the conveyancing process however Santander will not permit this. Why were they involved?
The lawyer being on the Santander conveyancing panel is duty bound to inform Santander of any changes to the purchase price. If you were to refuse your property lawyer to disclose the reduction to Santander then they would have to discontinue acting for you. In addition, Santander and you would have to appoint a new solicitor for your conveyancing in Ardwick.
I am buying a new build flat in Ardwick. How practical is it for me to do the conveyancing?
Leaving aside the complexities and merits of DIY conveyancing in Ardwick you will have to appoint a solicitor on your bank's conveyancing panel to look after their interests. Most people therefore find it easier to let the solicitor act for them and the lender. Furthermore there is minimal cost savings to be made in you doing conveyancing for yourself and another lawyer conducting the conveyancing for the lender. Please feel free to use the search tool to find a lawyer on your lender panel in Ardwick.
Will my lawyer be making enquiries regarding flooding as part of the conveyancing in Ardwick.
The risk of flooding is if increasing concern for lawyers specialising in conveyancing in Ardwick. There are those who buy a property in Ardwick, completely aware that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to get a mortgage, adequate building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to offer advice on flood risk, however there are a various searches that can be carried out by the purchaser or by their lawyers which will give them a better appreciation of the risks in Ardwick. The conventional set of property information forms supplied to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) includes a standard question of the owner to find out if the property has ever been flooded. If the property has been flooded in past and is not disclosed by the owner, then a purchaser could issue a claim for damages as a result of such an incorrect reply. A purchaser’s lawyers may also conduct an enviro search. This will higlight whether there is any known flood risk. If so, additional investigations will need to be made.
I am looking for a leasehold apartment up to £195,000 and found one near me in Ardwick I like with a park and transport links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Ardwick suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan that many years will likely be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
My step-father has recommend that I instruct his conveyancing solicitors in Ardwick. Do I follow his guidance?
Much as we are happy to recommend a Ardwick conveyancing lawyer the best way to select a conveyancing solicitor is to get guidance from friends or relatives who have used the solicitor you're considering.
I am a negotiator for a long established estate agency in Ardwick where we see a few flat sales derailed due to short leases. I have been given inconsistent advice from local Ardwick conveyancing firms. Could you shed some light as to whether the seller of a flat can start the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I purchased a studio flat in Ardwick, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Ardwick with over 90 years remaining are worth £190,000. The average or mid-range amount of ground rent is £45 per annum. The lease finishes on 21st October 2087
With 62 years unexpired we estimate the premium for your lease extension to be between £17,100 and £19,800 plus costs.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.