AssumingI was to buy a simple residential housein Atherton for cash and have no survey and no local authority searches how much would I expect to to save on my conveyancing in Atherton?
The sole saving you would achieve is the Atherton conveyancing searches. The lawyer still got to do everything else - money laundering, communicating with your vendors conveyancer, SDLT return, register the ownership etc. You might save a bit for them not needing to register a charge but it will not be significant.
Why is leasehold purchase conveyancing in Atherton costs more?
Atherton leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Can you point me to a directory of Co-operative panel conveyancers in Atherton on the Council of Mortgage Lender’s Website?
No. There is no such directory service on the CML or Building Society Association websites. A small selection of mortgage companies make their panel listings visible over the internet. Where you are in need of a Atherton property lawyer on the Co-operative please use our facility.
We previously instructed conveyancers locally in Atherton on the Principality solicitor panel. They are now charging me a supplemental sum for the legal aspects of the Principality mortgage. Is this a supplemental conveyancing fee set by Principality?
Unfortunately, so long as it is in their Terms of Engagement or Quote then yes your property lawyer can charge a fee for this. The charge is not dictated by Principality but by your Atherton lawyer. Some firms on the Principality panel will quote ’dealing with mortgage’ fee but plenty of firms include it on their overall fee.
I've read lots of house buying guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Atherton solicitor - who is on the Coventry BS conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. Is that normal?
Coventry BS will need an independent valuation of the property. Your lawyer will not arrange this. Usually Coventry BS will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your property lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Atherton postcode. As you are getting a mortgage with Coventry BS, you could contact them to see if they have a list of approved surveyors in Atherton.
It has been three months since my purchase conveyancing in Atherton concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £160,000. 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 asset 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.
Just had an offer accepted on a new build apartment in Atherton. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Atherton
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Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Forfeiture - bankruptcy or liquidation must not apply under this provision.
I am a negotiator for a reputable estate agency in Atherton where we have experienced a number of leasehold sales put at risk as a result of short leases. I have received contradictory information from local Atherton conveyancing solicitors. Can you confirm whether the seller of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that 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. This means that the buyer can avoid having to wait 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 at the same time as completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder 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 leasehold flat in Atherton, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Atherton with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 yearly. The lease runs out on 21st October 2099
With 74 years unexpired we estimate the premium for your lease extension to be between £8,600 and £9,800 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 the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.