I am planning on selling our house in Yardley and the buyers lawyers are claiming that there is a risk of it being constructed land that was not decontaminated. Any high street Yardley conveyancer would know this is not the case. It does beg the question why the buyers are using an internet conveyancing firm rather than a conveyancing solicitor in Yardley. Having lived in Yardley for three years we know that this is a non issue. Do we get in touch with our local Authority to seek clarification that the buyers are looking for.
It sounds as though you may have a conveyancing lawyer currently acting for you. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
I own a 4 bedroom Edwardian house in Yardley. Conveyancing lawyer acted for me and Leeds Building Society. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, the second leasehold under the matching address. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Yardley and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with the conveyancing solicitor who carried out the work.
How does conveyancing in Yardley differ for newly converted properties?
Most buyers of new build property in Yardley approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is constructed. This is because developers in Yardley usually acquire the land, 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 conveyancers 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 accustomed to new build conveyancing in Yardley or who has acted in the same development.
I decided to have a survey carried out on a property in Yardley in advance of instructing conveyancers. I have been informed that there is a flying freehold element to the property. My surveyor advised that some banks tend not grant a loan on this type of premises.
It varies from the lender to lender. HSBC has different instructions from Birmingham Midshires. Should you wish to telephone us we can look into this further with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Yardley. Conveyancing may be slightly more expensive based on your lender's requirements.
I am a negotiator for a busy estate agent office in Yardley where we have witnessed a few flat sales derailed due to short leases. I have been given contradictory information from local Yardley conveyancing solicitors. Please can you confirm whether the seller 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 kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means 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 prior to, or simultaneously with 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 bought a split level flat in Yardley, conveyancing formalities finalised in 2006. How much will my lease extension cost? Equivalent properties in Yardley with an extended lease are worth £202,000. The average or mid-range amount of ground rent is £60 per annum. The lease comes to an end on 21st October 2082
With only 56 years remaining on your lease the likely cost is going to be between £29,500 and £34,000 plus plus your own and the landlord's "reasonable" 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 due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
Please can you clarify what my options are if my Yardley conveyancing searches reveals detrimental entries?
Usually, almost all adverse entries that arise in Yardley conveyancing search results can be handled in advance of completion or indemnity insurance can be obtained. You should note that even though you are purchasing the premises and might be content to accept the search results, your building society or bank may not, and ultimately the decision rests with them.