I acquired my house on 5 July and my personal details is yet to be on the land registry website. Need I be worried? My conveyancing solicitor in Stotfold advises it should be formalised in less than a month. Are properties in Stotfold particularly slow to register?
As far as conveyancing in Stotfold is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can adjust according to the party submitting the application, whether it is in order and whether the Land registry have to notify any interested persons or bodies. At present roughly 80% of submission are fully dealt with in less than three weeks but some can be subject to longer hold-ups. Registration occurs after the new owner is living at the property so registration formalities is not typically top priority yet where it is urgent that the the registration takes place urgently then you or your lawyers must contact the land registry and explain the circumstances.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Stotfold is the location of the property. Can you shed any light on this issue?
Flying freeholds in Stotfold are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stotfold you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stotfold may ascertain 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 premises.
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I would like to rent out my leasehold flat in Stotfold. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
A lease dictates relations between the landlord and you the leaseholder; in particular, it will say if subletting is prohibited, or permitted but only subject to certain conditions. The rule is that if the lease contains no specific ban or restriction, subletting is allowed. Most leases in Stotfold do not prevent strict prohibition on subletting – such a clause would undoubtedly devalue the flat. Instead, there is usually a basic requirement that the owner notifies the freeholder, possibly supplying a duplicate of the tenancy agreement.
I acquired a 2 bed flat in Stotfold, conveyancing formalities finalised 4 years ago. How much will my lease extension cost? Similar flats in Stotfold with over 90 years remaining are worth £206,000. The ground rent is £45 invoiced every year. The lease expires on 21st October 2090
With just 66 years unexpired the likely cost is going to range between £11,400 and £13,200 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
Sixweeks into buying a residence in Stotfold. Conveyancing lawyer has phoned to say the property is "Leasehold". Will this likely impact our Natwest valuation?
Stotfold conveyancing does not usually involve leasehold houses. The crucial factor here is the length of lease and the ground rent. If it's 999 years with a nominal rent, it's almost the same as freehold, so it shouldn't impact the marketability significantly.
At the other extreme, if it's, say, 50 years it is bound to have a adverse effect on the value, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be set out in the lease provided to your conveyancing practitioner.