We are due to exchange buying a property in Trafford but as a consequence of damage from some water damage at the property I have managed to agree compensation from the vendor in the sum of £2k in the form of a deduction in the price. This was going to be addressed as part of a side agreement however UBS will not agree to this. Why were they informed?
Your solicitor that is on the UBS conveyancing panel is duty bound to advise UBS of any changes to the sale price. If you prohibit your lawyer to report the reduction to UBS then they would have to discontinue acting for you. In addition, UBS and you would have to appoint a new property lawyer for your conveyancing in Trafford.
It is a dozen years since I purchased my property in Trafford. Conveyancing solicitors have just been retained on the sale but I can't locate the deeds. Is this a major issue?
You need not be too concerned. Firstly there is a possibility that the deeds will be retained by the mortgage company or they could be in the possession of the conveyancers who handled the purchase. Secondly in all probability the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors procuring current official copies of the land registers. Nearly all conveyancing in Trafford involves registered property but in the unlikely event that your home is not registered it adds to the complexity but is not insurmountable.
My flat in Trafford is up for sale and I have a purchaser. Does my conveyancing practitioner need to be required to be on the Aldermore conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the Aldermore conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their specifications fairly frequently at the moment.
My friend recommended that if I am purchasing in Trafford I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is sometimes quoted for as part of the standard Trafford conveyancing searches. It is a large document of about 40 pages, listing and setting out important information about Trafford around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Trafford Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with plans and statistics, Local Amenities and other useful information concerning Trafford.
How does conveyancing in Trafford differ for new build properties?
Most buyers of new build or newly converted property in Trafford come to us having been asked by the seller to exchange contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Trafford usually acquire the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Trafford or who has acted in the same development.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the sale of our £350,000 flat in Trafford in just under a week. The managing agents has quoted £360 for Certificate of Compliance, insurance certificate and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Trafford?
For most leasehold sales in Trafford conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
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Addressing pre-contract enquiries
Where consent is required before sale in Trafford
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I invested in buying a split level flat in Trafford, conveyancing having been completed April 2012. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Trafford with over 90 years remaining are worth £185,000. The ground rent is £65 per annum. The lease runs out on 21st October 2086
With only 61 years left to run we estimate the price of your lease extension to range between £19,000 and £22,000 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other 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 seeking the advice of a professional.