How long do searches take

Uk_Lover

My solicitor is in receipt of the standard pack for the flat I'm buying and has said that once the searches are complete and as long as we are happy we can exchange, so how quick can the searches be done ?

It's a repo and the EA has said a woman in Spain is interested in seeing it when she's over in the next couple of weeks and I really can't afford to lose it !!

cheers

StevenMarks

The Local Authority search can take weeks (Co Durham is about 2 weeks, whereas Cheshire West is about 6 weeks).

The other searches (Coal, Salt, Chancel) usually only take a couple or so days.

Uk_Lover

6 weeks ! I hope not. Hoping the SE of england is a bit quicker than that !!
cheers

Uk_Lover

thanks timmyt

Yup got a actual Solicitor !

Now another question has come up about the lease.

I may have got this wrong but my understanding on lease extensions are that if we don't extend at the time of purchase we would have to wait for 2 years to extend ?Solicitor said that we will be able to nagotioate with the landlord after purchase. Is this a bit dodgy?

I need assurance that this will be possible as I don't plan on being there 2 years so now worried that I may have to
keep for way longer than planned. Apparantly the landlord is
happy to extend but not sure of the legalities etc.

Should I insist on something in writing from the landlord or am I worrying about nothing.
cheers

Richard_Webster

How many years left on the lease?

If it is getting short enough to soon be unmortgageable then a buyer will insist on an extension because they won't want get caught with having to pay for an extension.

If it is getting short then insist seller pays for it and gets it done so you get the extended lease.

Also, as TimmyT has implied, it isn't just getting searches back and then exchanging - usually you have to wait for replies to a questionnaire your solicitor sends to the seller's solicitors for them to get answered by the managing agents/freeholders. Seller's solicitor gets it and send it on to managing agent who sits on it for a week and then sends a fax asking for its fees which say are £200. Seller's solicitor asks his client for the £200. Seller doesn't want to pay. Another week goes by before solicitor gets money and sends it on to managing agent. Then wait 1-2 more weeks for a reply to come back and be sent on to the buyer's solicitors. Has that all been done in this case?

Uk_Lover

Lease is 63 years, buying cash, it's a repo which seems to make it a bit more complicated as there isn't an owner to buy the lease in advance. But I have had some progress as I've been in touch with the landlord and they are going to send over some figures.

I don't think we will have to wait for shoddy solicitors as we've have a deadline for 15 May and my solicitor has said we will have everything for the sale sorted by then and then he will sort the lease (he's a is very good solicitor but like a lot of them a complete !!!! !) . From the sound of it I'm going to have to pay a little bit over what the calculator says but I guess that's their bonus for doing it within the 2 years. Can't really complain as I've got it for 80k and it's worth 125-130k. Only needs a few grand spent and was aware before we bought.
cheers

Richard_Webster

Lease is 63 years, buying cash

Presumably the amount you paid factored in the likely cost of obtaining an extension from the freeholder?

Uk_Lover

yup! Unfortunately it's going to cost between 11 and 13k, above what the calculator says but it's factored in (at 13k) to my figures. Always best to think worst case !
cheers

dazeruk

Uk_Lover wrote: »

Now another question has come up about the lease.

I may have got this wrong but my understanding on lease extensions are that if we don't extend at the time of purchase we would have to wait for 2 years to extend ?Solicitor said that we will be able to nagotioate with the landlord after purchase. Is this a bit dodgy?

You (ie the buyer) cannot extend on purchase. The current leaseholder can only extend the lease length prior to them selling/you buying. Once you have bought you'll have to wait 2 years before qualifying for the right to extend the lease.

Info can be found on Direct Gov website at

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/Leaseholdproperties/DG_193044

Uk_Lover

dazeruk wrote: »

You (ie the buyer) cannot extend on purchase. The current leaseholder can only extend the lease length prior to them selling/you buying. Once you have bought you'll have to wait 2 years before qualifying for the right to extend the lease.

Info can be found on Direct Gov website at

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/Leaseholdproperties/DG_193044

2 years to qualify for the right but I've been told by the solicitor that you can still negotiate within the 2 years (as long as the landlord is in agreement, which they are in this case). Obviously this will cost a bit more but I'm happy to pay to sort out.
is this not right then ?

dazeruk

Uk_Lover wrote: »

2 years to qualify for the right but I've been told by the solicitor that you can still negotiate within the 2 years (as long as the landlord is in agreement, which they are in this case). Obviously this will cost a bit more but I'm happy to pay to sort out.
is this not right then ?

Yes you are right.

You can negotiate for a non-statutory lease extension before the 2 years has expired if the landlord gives consent.