I have given 8 weeks notice to my existing landlord and have to vacate my rented flat in Madeley by the end of next month. Conveyancing on my purchase is underway. Can I complete in 4 weeks as I wish to avoid having to find short term accommodation?
The normal practice is not to provide notice on a rental unless exchange of contracts has taken place. If you have not already done so, speak to your solicitor and request that they apply pressure on the sellers lawyers, try to an acceptable time-line that everyone will look to achieve
What can a local search tell me concerning the property I am buying in Madeley?
Madeley conveyancing often starts with the submitting local authority searches directly from your local Authority or via a personal search organisations for instance PSG The local search is essential in every Madeley conveyancing purchase; that is if you don’t want any nasty once you have moved into your property. The search should supply information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic headings.
I am purchasing my first flat in Madeley with the aid of help to buy. The developers would not move on the amount so I negotiated five thousand pounds worth of extras instead. The sale representative suggested that I not reveal to my solicitor about this deal as it will jeopardize my loan with the bank. 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.
I opted to have a survey completed on a property in Madeley ahead of instructing conveyancers. I have been told that there is a flying freehold overhang to the house. The surveyor has said that some mortgage companies may not grant a loan on this type of house.
It depends who your proposed lender is. Santander has different requirements for example to Nationwide. If you call us we can investigate further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Madeley. Conveyancing may be slightly more expensive based on your lender's requirements.
My father-in-law has suggested that I use his conveyancing solicitors in Madeley. Should I use them?
Much as we are happy to recommend a Madeley conveyancing lawyer the ideal way to choose a conveyancing practitioner is to have feedback from friends or family who have actually used the solicitor that you are contemplating using.
I am a negotiator for a reputable estate agent office in Madeley where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Madeley conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can initiate the lease extension formalities 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 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 sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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.
I own a 1 bedroom flat in Madeley, conveyancing was carried out 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Madeley with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2080
With just 55 years unexpired we estimate the premium for your lease extension to span between £31,400 and £36,200 plus costs.
The suggested premium range 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 comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.