At what point can the exchange of contracts take place for sale conveyancing in Manselton and am I required to attend the solicitors branch?
Where you are in close proximity to our conveyancing solicitors in Manselton you are welcome to come in to sign documents. That being said, the lender approved solicitors we recommend offer a national conveyancing service and provide as equally comprehensive and professional a job for you when communicating with you electronically. The signing of the contract is not when everything is set in stone. A signed contract simply enables the firm to address the formalities at the appropriate time, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Manselton)to be in the office at the appropriate time.
I am thinking of mortgaging my flat in Manselton, does my lawyer need to be on the Clydesdale Conveyancing panel?
There is nothing to stop you using your solicitor, but Clydesdale will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I am buying a new build house in Manselton benefiting from help to buy. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The property agent advised me not to tell my lawyer about this deal as it could affect my mortgage with Accord Mortgages Ltd. 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.
Due to the encouragement of my in-laws I had a survey completed on a property in Manselton before retaining lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some banks tend refuse to grant a loan on a flying freehold home.
It varies from the lender to lender. HSBC has different requirements from Birmingham Midshires. If you e-mail us we can check with the relevant lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Manselton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Manselton to see if the conveyancing costs will increase in light of this.
Is it best to instruct a Manselton conveyancing practitioner based in the area that I am purchasing? We have a good friend who can perform the legal formalities however they are based 200kilometers away.
The primary upside of using a high street Manselton conveyancing practice is that you can visit the firm to execute paperwork, hand in your identification documents and apply pressure on them if necessary. They will also have local knowledge which is a plus. However it's more important to get someone that will pull out all the stops for you. If other friends have used your friend and the majority were impressed that should outweigh using an unknown Manselton conveyancing lawyer just because they are local.
I am employed by a busy estate agent office in Manselton where we see a few flat sales put at risk as a result of short leases. I have been given conflicting advice from local Manselton conveyancing solicitors. Could you shed some light as to whether the seller of a flat can commence the lease extension process 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 bought a garden flat in Manselton, conveyancing was carried out 3 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Manselton with an extended lease are worth £202,000. The ground rent is £60 yearly. The lease finishes on 21st October 2082
With 57 years unexpired the likely cost is going to be between £28,500 and £33,000 as well as legals.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information before getting professional advice.