I am looking to buy a flat and require a conveyancing solicitor in Formby who is on the National Westminster Bank conveyancing. Can you recommend a local conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for National Westminster Bank in certain locations such as Formby. We dont recommend any particular firm.
I am purchasing a new build house in Formby benefiting from help to buy. The builders would not budge the price so I negotiated 6k of additionals instead. The estate agent suggested that I not inform my conveyancer about this deal as it could adversely affect my mortgage with the bank. Should I keep quiet?.
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.
I have been on the look out for a ground for flat up to £305k and identified one near me in Formby I like with amenity areas and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. There is not much else in Formby for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer concerning this matter.
I am using a search engine for the term on line conveyancing in Formby it brings up many conveyancerslocally. How do I determine which is the right solicitor for purchase transaction?
The preferential method of choosing the right conveyancer is via personal testimonial, so seek the guidance of friends and relatives who have acquired a property in Formby or a reputable estate agent or financial adviser. Charges for conveyancing in Formby vary, so it's sensible to obtain at least four quotes from varying types of solicitors. Dont forget to clarify that the fees are fixed.
Can you provide any top tips for leasehold conveyancing in Formby with the aim of saving time on the sale process?
- Much of the frustration in leasehold conveyancing in Formby can be reduced if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold information which will be required by the purchasers’ representatives. You believe that you know the number of years left on your lease but you should double-check by asking your conveyancers. A buyer’s conveyancer will not be happy to advise their client to proceed with the purchase of a leasehold property the remaining number of years is under 80 years. In the circumstances it is important at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale. If you have carried out any alterations to the premises would they have required Landlord’s permission? In particular have you laid down wooden flooring? Formby leases often stipulate that internal structural changes or laying down wooden flooring require a licence from the Landlord approving such alterations. Should you fail to have the paperwork to hand you should not communicate with the landlord without contacting your lawyer in advance. Some Formby leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers.
I invested in buying a leasehold flat in Formby, conveyancing was carried out in 2003. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Formby with over 90 years remaining are worth £190,000. The ground rent is £45 per annum. The lease ceases on 21st October 2087
With 62 years unexpired the likely cost is going to span between £17,100 and £19,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
I acquired a house in Formby last 4/7/2024 and to date it is still not registered with the Land Registry. It was part of a new estate and my conveyancer told me that it may take twelve months to register. I have contacted the Land Registry directly and they have informed me the original application was cancelled due to failure to reply to requisitions. Do I need to be concerned?
It is your property lawyer that you really need to contact in order to satisfy any questions which have been raised as part of the registration process for your Formby property. Normal Formby conveyancing practice includes an undertaking on the part of the seller's conveyancing practitioner that they will assist in resolving any requisition raised by HMLR so it may be a case of seeking to enforce that undertaking if necessary.