I have just been advised by my estate agent that my Nether Edge lawyer is not on the mortgage company Solicitor panel. How can I check?
Your first step should be to contact your Nether Edge conveyancer. You lawyer should inform you of the situation. Where they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your lender.
Our son is about to exchange on a new build apartment in Nether Edge with a mortgage from Co-operative. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the Co-operative conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Co-operative conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I completed on my home on 13 January and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Nether Edge said it would be dealt with in a couple of weeks. Are transfers in Nether Edge particularly slow to register?
There is nothing unique about conveyancing in Nether Edge registration formalities. As opposed to being determined by geographic area, timescales can adjust depending on the party submitting the application, whether there are errors and if the Land registry must send notices to any third parties. As of today in the region of three quarters of submission are completed within two weeks but occasionally there can be longer hold-ups. Registration takes place after the new owner has moved in to the property so 'speed' is not always an essential issue yet if it is urgent that the the registration takes place urgently then you or your solicitor can contact the land registry and explain the circumstances.
My father-in-law has encouraged me to use his conveyancers in Nether Edge. Should I choose my own property lawyer?
There are no two ways about it the ideal way to find a conveyancing practitioner is to get referrals from friends or family who have previously instructed the firm that you are considering.
I am attracted to a two flats in Nether Edge both have about 50 years unexpired on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Nether Edge is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. For most purchasers and banks, 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 property 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 a property 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 Nether Edge 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. 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 split level flat in Nether Edge, conveyancing having been completed in 1999. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Nether Edge with over 90 years remaining are worth £202,000. The ground rent is £60 invoiced every year. The lease terminates on 21st October 2081
With only 56 years left to run we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as legals.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
I have been told by numerous estate agents to expect 6-8 weeks for Nether Edge conveyancing to complete.This was 3 ago. The property information was only received from the vendors conveyancing practitioner a few days ago so now does it countdown?
It would be unwise bank on counting down any 6-8 week suggested period. Addressing accurately how long Nether Edge conveyancing will take is an impossible task. Every property has it’s bespoke set of complexities. As a result your conveyancing practitioner should find it difficult to give representations as to how long it will take to conclude conveyancing in Nether Edge.