It is 10 years ago since I purchased my house in Lyddington. Conveyancing lawyers have just been retained on the sale but I can't track down my deeds. Will this cause complications?
Don’t worry too much. Firstly there is a possibility that the deeds will be kept by your mortgage company or they could be archived with the conveyancers who handled your purchase. Secondly the likelihood is that the property will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. The vast majority of conveyancing in Lyddington relates to registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.
I have todaybecome aware that Wolstenholmes have closed. They carried out my conveyancing in Lyddington for a purchase of a leasehold flat 10 months ago. How can I establish that the property is in my name in the name of the former proprietor?
The easiest method to see if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Lyddington conveyancing specialists.
How does conveyancing in Lyddington differ for new build properties?
Most buyers of new build premises in Lyddington come to us having been asked by the seller to sign contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Lyddington 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 Lyddington or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and found one close by in Lyddington I like with open areas and transport links nearby, however it's only got 51 years on the lease. There is not much else in Lyddington suitable, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan that many years may be problematic. Discount the offer by the expected lease extension will cost if not already taken into account. If the existing owner has owned the premises for a minimum of twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
I am employed by a long established estate agent office in Lyddington where we have experienced a number of flat sales derailed as a result of short leases. I have received contradictory information from local Lyddington conveyancing solicitors. Please can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the buyer?
As long as the seller has owned the lease 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 can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
An alternative approach is 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 am the registered owner of a ground floor flat in Lyddington, conveyancing formalities finalised in 2003. Can you let me have an estimated range of the fair premium for a lease extension? Comparable flats in Lyddington with over 90 years remaining are worth £179,000. The ground rent is £65 charged once a year. The lease terminates on 21st October 2081
With only 57 years left to run we estimate the price of your lease extension to range between £26,600 and £30,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide the actual costs in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.