My bid for a property was accepted at auction in Thetford. Conveyancing is required. What is next?

Having for in every practical sense signed on the dotted line you will need to appoint a conveyancing practitioner soon as you will have a tight a drop dead date to complete the property. Every auction property will ordinarily have an associated auction pack. This will likely include most,if not all of the paperwork that your lawyer requires. Where you are dealing with leasehold property the auction papers may include a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You need to pass this on to your appointed conveyancing solicitor as soon as possible. You also need to ensure that you have funds organised to complete on the on the contractual date .

I happen to be the only recipient of my late grandmother’s estate with all property in now in my sole name, including the house in Thetford. The Thetford property was put into my name in November. I plan to dispose of the property. I do know about the CML six month 'rule', which means that my proprietorship will be treated the same way as if I'd bought the house in November. Will no one buy the property for half a year?

The CML handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." By the strict wording you may be affected by that. How sensible a view banks take of it, depend on the bank as this requirement is principally there to identify the purchase and immediately sell or the flipping of property.

I have paid off my mortgage with Santander. I assume I don't need a Thetford lawyer on the Santander panel to remove the mortgage at the Land Registry. Please confirm.

If you have finished paying off your Santander mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Santander mortgage from the register. Santander, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:

1. but are not moving to another property
2. where Santander has sent the Land Registry the discharge electronically, and
3. Santander has instructed the Land Registry to do so

Due to the guidance of my in-laws I had a survey completed on a property in Thetford ahead of retaining lawyers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some banks may not give a mortgage on a flying freehold property.

It depends who your proposed lender is. Lloyds has different requirements for example to Halifax. If you contact us we can investigate further with the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Thetford. Conveyancing will be smoother if you use a solicitor in Thetford especially if they are familiar with such properties in Thetford.

What is different about your site and other online quote calculators for conveyancing in Thetford?

At this site obtain an accurate quote via a Solicitor or Licensed Conveyancer that appreciates the nuances for your conveyancing in Thetford. As opposed to estate agents and brokerage sites we do not charge firms a commission if you instruct them for your property ownership legalities in Thetford

I am tempted by the attractive purchase price for a two apartments in Thetford which have approximately 50 years remaining on the lease term. Do I need to be concerned?

There are no two ways about it. A leasehold flat in Thetford is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most purchasers and lenders, leases with under eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Thetford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Thetford Leasehold Conveyancing - Examples of Queries Prior to Purchasing

How long is the Lease? How many of the leaseholders are in arrears for their service charge payments? Most Thetford leasehold properties will incur a service bill for the upkeep of the building set by the freeholder. Where you buy the property you will have to meet this amount, usually periodically accross the year. This could be anything from a few hundred pounds to thousands of pounds for buildings with lifts and large common areas. There will also be a ground rent to be met yearly, normally this is not a significant sum, say around £25-£75 but you should to enquire it because occasionally it could be prohibitively expensive.

Your search tool is useful but there are many lawyers listed near Thetford being on the mortgage company conveyancing panel. It would be a lot more helpful if you could recommend a specific firm on the conveyancing panel for our mortgage company?

We are not in the business of recommending one firm above another as the right Thetford conveyancing firm for you depends on where your priorities lie. For example you may require a local firm with Thetford knowledge or you might be looking for the low cost conveyancing. Before you appoint your lawyer we advise you to speak to two or three of the the firms listed to gain comfort as to which one is right for you..