My Hulme lawyer has spotted a difference between the assumptions in the valuation report and what is in the legal papers for the property. My lawyer has advised that he is obliged to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance legitimate?
Your property lawyer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I am considering applying for a Co-operative mortgage for purchase of a newly converted (under development) in Hulme with 60% LTV. Is it compulsory to choose a solicitor on the conveyancing panel for Co-operative ?
In theory, you could use a solicitor that is not on the Co-operative conveyancing panel, but Co-operative would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Will commercial conveyancing searches reveal planned roadworks that may impact a commercial land in Hulme?
Many commercial conveyancing solicitors in Hulme will carry out a SiteSolutions Highways report as it reduces the time that conveyancers invest in looking into accurate data on highways that impact buildings and development assets in Hulme. The report sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Hulme.
For each commercial conveyancing transaction in Hulme it is critical to investigate the adoption status of roads surrounding a site. The absence of identifying developments where adoption procedures have not been addressed adequately can cause delays to Hulme commercial conveyancing deals as well as present a risk to future plans for the site. These searches are not ordered for residential conveyancing in Hulme.
As co-executor for the will of my grandmother I am disposing of a house in Cardiff but live in Hulme. My lawyer (who is 300 kilometers awayhas requested that I execute a stat dec before completion. Can you recommend a conveyancing solicitor in Hulme who can witness and place their company stamp on the document?
strictly speaking you are not likely to need to have the documents witnessed by a conveyancing solicitor. Normally any notary public or qualified solicitor will do regardless of whether they are Hulme based
Having had my offer accepted I require leasehold conveyancing in Hulme. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is recorded at the land registry - and most are in Hulme - then the leasehold title will always include the basic details of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a leasehold flat in Hulme, conveyancing formalities finalised in 2003. Can you work out an approximate cost of a lease extension? Corresponding flats in Hulme with a long lease are worth £186,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2077
With 52 years unexpired the likely cost is going to be between £29,500 and £34,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.
I own a leasehold flat in Hulme. Conveyancing was completed in 2009. I have read on a number of consumer forums that I should not allow the the remaining lease term to get too short. Is this right?
Hulme residential long term leases are for a fixed term - normally just under one hundred years when they are first granted. However many appartments in Hulme were constructed or converted in the 60’s and so such leases now have less than 80 years unexpired. That may sound like plenty of time but Banks, Building Societies and other mortgage companies on the whole require leases to have a minimum of 75 years unexpired to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are approaching seventy five years. To maximise the saleability of your property you should be thinking about whether to extend your lease long before you come to sell it. There are also advantages to taking action before the lease reaches even 80 years as when the lease is below eighty years the amount you have to pay to extend starts to get a lot more expensive.