Having sold my house in Walton On Thames last August yet the purchaser is e-mailing every few hours to say her lawyer is waiting to hear from mine. What are the post completion sale formalities now that I have sold?
Post completion of your sale your conveyancer should forward the transfer documentation and all additional paperwork to the buyer’s lawyers. If applicable, your solicitor should also evidence that the mortgage has been discharged to the purchasers lawyers. There is unlikely to be post completion steps just for conveyancing in Walton On Thames.
The deeds to my home can not be found. The solicitors who did the conveyancing in Walton On Thames 4 years ago are no longer around. What do I do?
Gone are the days when you need to hold title original deeds to evidence that you are the owner of your registered land or property, given that the Land Registry hold details of all registered land or property electronically.
Due to the encouragement of my in-laws I had a survey completed on a house in Walton On Thames ahead of retaining solicitors. I have been advised that there is a flying freehold aspect to the property. Our surveyor advised that some banks may not issue a loan on such a home.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. Should you wish to call us we can investigate further via the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Walton On Thames. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Walton On Thames to see if the conveyancing will be more expensive.
I am a negotiator for a busy estate agency in Walton On Thames where we have experienced a few leasehold sales put at risk due to short leases. I have been given contradictory information from local Walton On Thames conveyancing firms. Can you confirm whether the vendor of a flat can commence the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to 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 prior to, or at the same time as completion of the sale.
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 purchaser.
I am the proprietor of a a ground floor purpose built flat in Walton On Thames. Given that I can not reach agreement with the landlord, can the Leasehold valuation Tribunal make a decision on the premium payable for the purchase of the freehold?
in cases where there is a missing freeholder or if there is dispute about what the lease extension should cost, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the First-tier Tribunal (Property Chamber) to judgment on the amount due.
An example of a Lease Extension matter before the tribunal for a Walton On Thames property is 147 Redford Close in June 2012. The Tribunal determined the lease extension premium to be at £4,200 This case was in relation to 1 flat. The unexpired lease term was 82.93 years.
We own a leasehold flat in Walton On Thames. Conveyancing was finalised in five years ago. I have been told that I mustn’t allow the lease length fall too low. Why is that a problem?
Walton On Thames domestic long term leases are for a prescribed period - normally just under one hundred years when they commenced. However a significant flats in Walton On Thames were constructed or converted 20 or more years ago and so such leases now have under 80 years unexpired. That may seem like a long time but Banks, Building Societies and other mortgage lenders tend to need leases to have at least seventy five years left to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are nearing 75 years. To increase the saleability of your property you should be thinking about whether to extend your lease well in advance of selling the property. Furthermore significant benefits to doing so before the lease hits 80 years as when the lease is below eighty years the premium you have to pay to extend starts to escalate.