Have completed on a a terraced house in Hagley , What is the estimated time for the Land Registry to deal with the formalities evidencing my title? My Hagley conveyancing solicitor works at snail pace, so I want to be sure the registration is dealt with.
As far as conveyancing in Hagley is concerned, registration is no quicker or slower than the rest of the country. As opposed to being determined by geographic area, timescales can differ subject to who lodges the application, whether it is in order and whether the Land registry have to notify any other parties. Currently in the region of three quarters of submission are fully addressed in less than three weeks but occasionally there can be longer hold-ups. Registration takes place after the new owner is living at the premises thus 'speed' is not usually an essential issue yet if it is urgent that the the registration takes place urgently then you or your lawyers should communicate with the Registry to express the reasoning for the application to be prioritised.
I'm buying a new build house in Hagley with the aid of help to buy. The developers refused to budge the price so I negotiated £7000 of additionals instead. The sale representative told me not disclose to my conveyancer about the extras as it may impact my mortgage with the bank. Do I keep my lawyer in the dark?.
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.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Hagley I like with a park and station in the vicinity, the downside is that it only has 61 years unexpired on the lease. There is not much else in Hagley suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you need a mortgage the remaining unexpired lease term may be an issue. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I have been recommended by a few selling agents in Hagley to choose a solicitor on your site. Is there a financial inducement for Estate Agents to recommend your services over and above a competitor’s?
We don’t make any referral fee for directing people our way. We found it would be just too difficult a fee because home movers will think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
We're novice buyers - agreed a price, but the selling agent has warned us that the vendor will only issue a contract if we use their chosen conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family solicitor accustomed to conveyancing in Hagley
It is highly unlikely the vendors are behind this. Should the seller want ‘a quick sale', taking such a hostile approach to a serious purchaser is not the way to achieve this. Bypass the agents and go straight to the owners and make the point that (a)you are keen to buy (b)you are ready to go, with finances in place © you are unencumbered (d) you wish to move quickly (e)however you will continue to appoint your own,trusted Hagley conveyancing lawyers - rather thanthose that will earn their estate agent a commission or hit his conveyancing targets set by head office.
Due to sign contracts shortly on a leasehold property in Hagley. Conveyancing solicitors have said that they are sending me a report on Monday. Are there areas in the report that I should be focusing on?
Your report on title for your leasehold conveyancing in Hagley should include some of the following:
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Does the lease prevent you from letting out the property, or having a home office for business What the implications are if you breach a clause of your lease? Your lawyers should enable you to have an understanding of the building insurance requirements Where does the liability rest to repair and maintain the main walls and foundations. It is essential for you to know which party is liable for the repair and maintenance of every part of the building The landlord’s rights to access the premises. You should be made aware that your landlord has rights of access as well as be informed how much notice must be provided.
I invested in buying a 1st floor flat in Hagley, conveyancing formalities finalised in 1998. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Hagley with a long lease are worth £180,000. The average or mid-range amount of ground rent is £65 levied per year. The lease expires on 21st October 2084
With only 58 years remaining on your lease we estimate the premium for your lease extension to be between £22,800 and £26,400 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.