Much to our surprise we have been told by our financial adviser that my Knutsford lawyer is not on the bank Conveyancing panel. What can I do to check?
The first thing you need to do is to call your Knutsford conveyancer. You lawyer should advise you what has happened. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your mortgage company.
The owners have very assertive sellers who has recommended a lock out agreement with a non-refundable deposit of 5k. Is it wise to enter into such agreements?
Lock out contracts are contracts binding a home seller and purchaser granting the buyer a ‘clear field’ to the sale of the property within an agreed time frame. Essentially, a lock out is a document specifying that you should have a contract at a later date being the contract for the actual sale. It is generally utilised for buyer protection though in many situations, the seller may enjoy an upside from such agreements as well. There are various positives and negatives to using them but you should to check with your lawyer but beware that it may result in incurring more in conveyancing charges. For these reasons these agreements are rare in relation to conveyancing in Knutsford.
Do I have to attend the offices of the solicitor to sign the mortgage deed? If so, I will appoint a lawyer who conducts conveyancing in Knutsford so that I can attend their offices if necessary.
These days approved lawyers for banks conduct their work through Royal Mail, e-mail or over phone calls. This enables them to conduct the legal work for your home move no matter where you live in England or Wales. Nevertheless you can see if you have the option of visiting the offices of your conveyancing lawyer if just in case this is required.
Is it best to appoint a Knutsford conveyancing practitioner based in the area that I am buying? An old friend can deal with the legal formalities however they are based a couple of hundredkilometers drive away.
The benefit of a local Knutsford conveyancing firm is that you can drop in to sign paperwork, present your ID and apply pressure on them if necessary. They will also have local knowledge which is a bonus. That being said it's more important to get someone that will pull out all the stops for you. If if people you trust used your friend and in the main were impressed that should trump using an unknown Knutsford conveyancing solicitor solely due to them being based in the area.
I am looking at a couple of maisonettes in Knutsford which have about 50 years remaining on the leases. should I be concerned?
There are no two ways about it. A leasehold apartment in Knutsford is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the property. The majority of buyers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Knutsford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a leasehold flat in Knutsford, conveyancing was carried out 7 years ago. How much will my lease extension cost? Comparable flats in Knutsford with a long lease are worth £211,000. The ground rent is £45 per annum. The lease expires on 21st October 2092
With 67 years remaining on your lease we estimate the price of your lease extension to be between £10,500 and £12,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
We own a leasehold flat in Knutsford. Conveyancing was finished in 2009. I have been told that I mustn’t let the the remaining lease term to get too short. Is this correct?
Knutsford leasehold properties are for a fixed term - normally 99 years when they started. However many appartments in Knutsford were constructed or converted in the 70’s80’s and so these leases now have fewer than 80 years unexpired. This may seem like a long time however Banks, Building Societies and other mortgage institutions on the whole need leases to have at least 75 years left to be mortgageable. This means that when you come to sell the property you will need a lease extension if you are nearing eighty years. To optimize your property value you should be thinking about whether to extend your lease well in advance of selling the property. Furthermore significant benefits to doing so before the lease hits eighty years as when the lease is less than eighty years the amount to be paid to extend starts to get a lot more expensive.