We're in Whalley Range, First time buyers purchasing with a mortgage (lender is Aldermore , and our lawyer is on the Aldermore conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Aldermore 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.
My aunt pointed out to me me that in purchasing a property in Whalley Range there could be various restrictions limiting what one can do in terms of external changes to the property. Is this right?
We are aware of anumerous of properties in Whalley Range which have some sort of restriction or requirement of consent to external variations. Part of the conveyancing in Whalley Range should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
We expect to receive a DIP from Coventry BS this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do Coventry BS recommend any Whalley Range solicitors on the Coventry BS conveyancing panel, or is it better to go independently?
You will need to appoint Whalley Range solicitors independently although you'll need to choose one on the Coventry BS conveyancing panel. The solicitor represents both you and Coventry BS through the process.
Planning on purchasing a apartment in Whalley Range. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Coventry BS conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Whalley Range conveyancing practitioner is on the Coventry BS conveyancing panel.
The deeds to our property are lost. The conveyancers who handled the conveyancing in Whalley Range 4 years ago have long since closed. What do I do?
Nowadays there are copies made of almost everything, and your conveyancer will know exactly where to locate all the relevant documentation so you can purchase or dispose of your property without a hitch. If duplicates are not available, your solicitor may be able to put in place insurance or indemnities protecting you against possible claims on the premises.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Whalley Range is where the house is located. What do you suggest?
Flying freeholds in Whalley Range are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Whalley Range you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Whalley Range may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I need to retain a conveyancing solicitor for freehold conveyancing in Whalley Range. I happened to chance upon a site which looks to be the perfect answer If it is possible to get all formalities done via web that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I am looking at a two flats in Whalley Range which have approximately 50 years unexpired on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Whalley Range is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and banks, leases with under eighty years become less and less marketable. 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 premises 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 Whalley Range conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend 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 own a split level flat in Whalley Range, conveyancing having been completed 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Whalley Range with an extended lease are worth £195,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease terminates on 21st October 2087
With only 62 years left to run the likely cost is going to range between £17,100 and £19,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be 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.