I am under pressure from the owner of a property in Formby to complete within four weeks. What can I do to speed up matters?
First, If you are under pressure to exchange it is highly recommended that your solicitor is familiar with the area as they will have local connections and know-how. It is even conceivable that they could have conducted otherhomes in the same road. Therefore consider using a Formby conveyancing firm. Second, ensure that the lawyer is on the on the approved list for your mortgage company. It is understood that just under twenty per cent of Formby conveyancing transactions are suspended or jeopardised after finding out that a purchaser’s conveyancer was not on their banks list of approved solicitors. In many cases this discovery resulted in the legal transfer of property being frustrated by as much as 21 days. It is believed that this issue impacts approximately 100,000 home moves every year. Almost all Formby conveyancing firms can not act for certain lenders so do check as early as possible.
We are close to exchanging contracts on the sale of our property in Formby and the buyers lawyers are claiming that there is a risk of it being constructed on contaminated land. Any high street Formby conveyancer would know this is not the case. It does beg the question why the buyers used a web based conveyancing firm as opposed to a conveyancing solicitor in Formby. Having lived in Formby for many years we know that this is a non issue. Should we get in touch with our local Authority to get clarification that there is no issue.
It sounds as though you may have a conveyancing firm already. What do they say? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I'm buying my first flat in Formby with a mortgage from Platform Home Loans Ltd. The developers would not move on the amount so I negotiated 6k of extras instead. The sale representative suggested that I not reveal to my conveyancer about this extras as it will adversely affect my mortgage with Platform Home Loans Ltd. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what should have been a straight forward, chain free conveyancing. Formby is where the house is located. Can you offer any advice?
Flying freeholds in Formby are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Formby you would need to get your solicitor to go through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Formby 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 residence.
I am employed by a long established estate agency in Formby where we see a few leasehold sales put at risk due to leases having less than 80 years remaining. I have received conflicting advice from local Formby conveyancing firms. Can you confirm whether the vendor of a flat can instigate the lease extension process 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 buyer can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
An alternative approach is 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.
Formby Leasehold Conveyancing - Examples of Questions you should consider before buying
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It is important to be aware whether window replacement or some other significant cost is pending that will be shared amongst the leasehold owners and will materially increase the the maintenance costs or require a one off invoice. Is the freehold owned collectively by the tenants? How much is the yearly maintenance fee and ground rent?
I am expecting to exchange buying a house in Formby but as a result of wreckage from the recent storms I have agreed recompense from the owner of £2k taking the form of a deduction in the price. I had intended this to be dealt with as part of the conveyancing process but my lender will not permit this. Should they have been informed?
The property lawyer that is on a bank approved list is required to advise the bank of any amendments to the purchase amount. If you were to refuse your conveyancing practitioner to disclose the price change to your bank then they would need to discontinue acting for you and the lender.