My partner and I are planning to acquire a home in Audenshaw and have instructed a Audenshaw conveyancing firm. Within the last couple of days our conveyancer has forwarded the sale agreement to be signed with a detailed report with the expectation that exchange is imminent. Bank of Ireland have this afternoon contacted us to advise us that they have now hit a problem as our Audenshaw solicitor is not on their conveyancing panel. Please explain?
If you are buying a property needing a mortgage it is normal for the purchasers' solicitors to also act for the purchaser's lender. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Quality Scheme. Your solicitor should contact your lender and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You are not legally obliged to appoint a law firm on the lender’s conveyancing panel and you may continue to use your own Audenshaw solicitors, in which case it will likely add costs, and it may delay matters as you are adding another lawyer into the mix.
I am acquiring a property for cash in Audenshaw. I have been living for the previous twelve years in Audenshaw. Conveyancing searches are expensive. Given that I have knowledge of the area and road very well must I have all the conveyancing searches?
Provided that you do not need a mortgage, then all but one or two of the Audenshaw conveyancing searches are optional. Your solicitor will 'advise', perhaps strongly, that you should have searches done, but she is duty bound to take that path of guidance. Do consider; if you are likely to sell the house one day, it could be of importance to your future purchaser what the searches contain. There are plenty of instances where houses with day to day issues can still reveal unexpected search results. A competent conveyancing solicitor in Audenshaw should be able to give you some helpful advice in this regard.
We are looking to buy a house and need a conveyancing solicitor in Audenshaw who is on the Co-operative conveyancing panel. Could you point me in the right direction as regards a firm?
Our service is limited to being a directory service for firms who wish to be listed as being on the approved conveyancing panel for Co-operative . We don't recommend any particular firms conducting conveyancing in Audenshaw.
My relative suggested that where I am buying in Audenshaw 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 sometimes included in the estimate for your Audenshaw conveyancing searches. It is a large report of about 40 pages, listing and setting out significant information about Audenshaw around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Audenshaw Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Audenshaw Education with plans and statistics, Local Amenities and other useful data about Audenshaw.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what was supposed to be a simple, chain free conveyancing. Audenshaw is where the house is located. Can you shed any light on this issue?
Flying freeholds in Audenshaw are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Audenshaw you would need to get your solicitor to go 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 Audenshaw may ascertain 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 tempted by the attractive purchase price for a couple of maisonettes in Audenshaw both have about fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are plenty of short leases in Audenshaw. The lease is a right to use the property for a period of time. As a lease gets shorter the saleability of the lease deteriorates and it becomes more expensive to extend the lease. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease because mortgage lenders may be unwilling to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this field.
I bought a 1 bedroom flat in Audenshaw, conveyancing was carried out February 2000. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Audenshaw with over 90 years remaining are worth £165,000. The ground rent is £50 charged once a year. The lease terminates on 21st October 2102
With just 77 years left to run we estimate the premium for your lease extension to span between £7,600 and £8,800 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed investigations. You should not use this information in tribunal or court proceedings. There may be other concerns 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 before seeking the advice of a professional.