It has come to my attention via my broker that my Rawtenstall property lawyer is not on the bank Solicitor panel. What can I do to be sure whether this is correct?
The first thing you need to do is to call your Rawtenstall conveyancer. You lawyer should notify you what has happened. Where they are not on the panel they may recommend you to a Rawtenstall conveyancing practice that is on the approved list of lawyers for your mortgage company.
We're in Rawtenstall, First timers purchasing with a mortgage (lender is UBS , and our solicitor is on the UBS conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the UBS conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Various online forums that I have come across warn that are the number one reason for obstruction in Rawtenstall conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Rawtenstall.
Are there restrictive covenants that are commonly identified during conveyancing in Rawtenstall?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Rawtenstall. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
In my capacity as executor for the will of my uncle I am disposing of a residence in Cardiff but live in Rawtenstall. My conveyancer (based 200 kilometers awayhas requested that I sign a stat dec ahead of the transaction finalising. Could you suggest a conveyancing practitioner in Rawtenstall to witness and place their company stamp on the document?
Technically speaking you are unlikely to be required to have the documents attested by a conveyancing solicitor. Normally or notary public or solicitor will do regardless of whether they are based in Rawtenstall
I work for a long established estate agency in Rawtenstall where we have witnessed a number of flat sales put at risk due to short leases. I have been given inconsistent advice from local Rawtenstall conveyancing firms. Please can you confirm whether the vendor of a flat can start the lease extension formalities for the buyer?
Provided that the seller has been the owner 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 proposed purchaser need not have 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 simultaneously with 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 leasehold flat in Rawtenstall, conveyancing having been completed 8 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Comparable properties in Rawtenstall with over 90 years remaining are worth £195,000. The ground rent is £45 per annum. The lease finishes on 21st October 2090
You have 64 years unexpired we estimate the premium for your lease extension to be between £14,300 and £16,400 as well as legals.
The figure 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 detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.