I have just been advised by my financial adviser that my The Hyde solicitor is not on the bank Conveyancing panel. How can I check?
The sensible course of action for you to take is to contact your The Hyde lawyer directly. It is reasonable to expect your lawyer to inform you what has happened. If they are not on the panel they could put your in touch with solicitors on the approved list of lawyers for your mortgage company.
We are a couple about to sign contracts for a freehold house in The Hyde. We have hit a stumbling block. The loan offer with Chelsea Building Society runs out on 7/8/2025 but the sellers are suggesting a completion date of 11/8/2025. Can one prolong the loan expiry date?
The person best placed to address this issue is your solicitors who will hopefully calculate if he or she is better off negotiating with the bank, vendor’s solicitors, selling agents or possibly all three taking into account what has happend in your house move as of today.
Should lawyers ask for an advanced payment for conveyancing in The Hyde?
If you are buying a property in The Hyde your solicitor will request that you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. If any deposit is payable against the sale price then this should be needed immediately before exchange of contracts. The closing balance that is needed should be sent to your lawyer a few days ahead of the day of completion.
What will a local search inform me concerning the house my wife and I purchasing in The Hyde?
The Hyde conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search company such as PSG The local search is essential in every The Hyde conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search will provide information on, amongst other things, details on planning applications relevant 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 13 subject sections.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in The Hyde I like with amenity areas and transport links in the vicinity, however it only has 61 years on the lease. There is not much else in The Hyde suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease may be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you could ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this matter.
I am employed by a busy estate agency in The Hyde where we see a number of leasehold sales put at risk as a result of leases having less than 80 years remaining. I have been given contradictory information from local The Hyde conveyancing firms. Could you confirm whether the vendor of a flat can instigate 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 commence 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.
Alternatively, it may be possible 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 buyer.
I am the registered owner of a garden flat in The Hyde. In the absence of agreement between myself and the freeholder, can the Leasehold valuation Tribunal determine the amount payable for the purchase of the freehold?
if there is a missing landlord or where there is dispute about what the lease extension should cost, under the relevant statutes it is possible to make an application to the LVT to calculate the amount due.
An example of a Lease Extension matter before the tribunal for a The Hyde property is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case affected 1 flat. The unexpired residue of the current lease was 71 years.