I am need of leasehold conveyancing for an apartment in a fairly new development (five years old) in Wythenshawe. 95% of the flats have already been sold. Is it strictly necessary to order conveyancing searches as part of conveyancing in Wythenshawe?
You would be taking a significant risk in not carrying out Wythenshawe conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying mortgage free there is no legal necessity to have them, but we would seriously advise in no uncertain terms that you have them. If speed and cost are top of your issues you should discuss with your conveyancer about the option of search insurance
We're in Wythenshawe, First timers purchasing with a mortgage (lender is Nationwide , and our lawyer is on the Nationwide conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Nationwide conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner 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 internet forums that I have come across warn that are the main cause of stalling in Wythenshawe conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are unlikely to feature in any holding up conveyancing in Wythenshawe.
Over the last few months I have been searching for a ground for flat up to £195,000 and found one close by in Wythenshawe I like with amenity areas and station in the vicinity, the downside is that it only has 49 years on the lease. I can't really find anything else in Wythenshawe suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current owner has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and pass 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 about this.
I am employed by a busy estate agency in Wythenshawe where we have experienced a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given conflicting advice from local Wythenshawe conveyancing firms. Could you shed some light as to whether the vendor of a flat can commence the lease extension process 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. This means that the proposed purchaser can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 acquired a 1st floor flat in Wythenshawe, conveyancing formalities finalised half a dozen 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? Equivalent properties in Wythenshawe with a long lease are worth £201,000. The ground rent is £45 yearly. The lease finishes on 21st October 2089
With 64 years unexpired the likely cost is going to range between £14,300 and £16,400 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
What is the reason for new build conveyancing in Wythenshawe being more expensive?
Buying a brand new property is significantly different from the normal house purchase conveyancing in Wythenshawe. Firstly housebuilders normally need contracts to exchange inside a short timeframe, so there is a lot of pressure on your property lawyer to ensure all is in order. In addition new build conveyancing often involve the checking of adoption of highways, drains, planning considerations, building warranties or architects certificates. Mortgage lender obligations are also more demanding. Given the complex nature of the process for these types of properties, the conveyancing new build fees are higher than normal.