Is it realistic for conveyancing in Aughton to be completed in under 3 weeks?
In a situation where the seller is applying pressure to sign contracts it is highly recommended that your solicitor is familiar with the location as they will make use of local relationships and knowledge. It is possible that they could have handled previoushomes in the same neighbourhood. You would be best advised to use a Aughton conveyancing solicitor. In addition, make sure that the lawyer is on the lender panel. It is believed that just under twenty per cent of Aughton conveyancing transactions are frustrated or derailed after finding out that a buyer’s solicitor was not on their mortgage lender’s member panel. This can often result in the buying process being frustrated by an average of three weeks. It is believed that this issue impacts in the region of 100,000 home sales every year. Almost all Aughton conveyancing practices can not represent certain lenders so do check at the outset.
I purchased a freehold house in Aughton yet charged rent, why is this and what is this?
It’s unusual for properties in Aughton and has limited impact for conveyancing in Aughton but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Old rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I'm buying my first flat in Aughton benefiting from help to buy. The sellers refused to move on the amount so I negotiated £7000 of extras instead. The property agent advised me not inform my conveyancer about the deal as it could impact my mortgage with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one round the corner in Aughton I like with open areas and transport links in the vicinity, the downside is that it only has 61 years on the lease. I can't really find anything else in Aughton in this price bracket, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the price by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this.
I'm remortgaging my current property to a buy to let loan with Alliance & Leicester and intend to use the remaining equity towards a second house. The neighborhood we are interested in is Aughton. Will your solicitors be able to act for both sets of mortgage companies and tie in the two deals?
Make use of our comparison tool on this page to check that the conveyancers are on the relevant lender panels. On the basis that they are the conveyancer should be able to connect the two transactions but you should have a chat with you lawyer and communicate your expectations and needs.
I only have Seventy years unexpired on my flat in Aughton. I need to get lease extension but my landlord is absent. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. You will be obliged to prove that you have used your best endeavours to track down the lessor. For most situations an enquiry agent would be useful to conduct investigations and to produce a report which can be accepted by the court as proof that the landlord can not be located. It is wise to seek advice from a property lawyer in relation to proving the landlord’s absence and the application to the County Court overseeing Aughton.
I inherited a split level flat in Aughton, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Corresponding properties in Aughton with a long lease are worth £180,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2084
With 58 years left to run the likely cost is going to span between £22,800 and £26,400 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.