I own a 4 bedroom Edwardian property in Bakewell. Conveyancing solicitor acted for me and TSB. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the exact same property. I'd like to know for sure, how can I find out??
You should read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bakewell and other locations in the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing practitioner who conducted the purchase.
I'm buying my first flat in Bakewell with the aid of help to buy. The developers refused to budge the amount so I negotiated 6k of fixtures and fittings instead. The sale representative suggested that I not reveal to my solicitor about this extras as it would put at risk my mortgage with The Royal Bank of Scotland. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, no chain conveyancing. Bakewell is where the house is located. Is there any guidance you can impart?
Flying freeholds in Bakewell are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bakewell you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bakewell may determine 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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At this site secure a conveyancing quote via a Solicitor or Licensed Conveyancer that understands the nuances of your conveyancing in Bakewell. As opposed to estate agents and many comparison sites we do not have kick-back deals with solicitors. A large number of agents and online brokers 'recommend' solicitors who pay the most commission, rather than the best value conveyancing in Bakewell
Back In 2007, I bought a leasehold flat in Bakewell. Conveyancing and Barclays Direct mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1998. The conveyancing practitioner in Bakewell who acted for me is not around. Do I pay?
First make enquiries of the Land Registry to be sure that the individual purporting to own the freehold is indeed the new freeholder. It is not necessary to instruct a Bakewell conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the legitimate freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I inherited a studio flat in Bakewell, conveyancing formalities finalised in 2003. Can you work out an approximate cost of a lease extension? Similar properties in Bakewell with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2079
With only 54 years remaining on your lease we estimate the price of your lease extension to be between £32,300 and £37,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply 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 may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
We own a leasehold flat in Bakewell. Conveyancing was completed in last year. I have been told that I mustn’t let the the remaining lease term to get too short. Is this correct?
Bakewell leasehold properties are for a prescribed term - usually 99 years when they commenced. However a significant flats in Bakewell were built or converted 25 or more years ago and so such leases now have fewer than 80 years left to run. This may seem like a long time however Banks, Building Societies and other mortgage companies on the whole need leases to have a minimum of seventy five years remaining to adequate security. This means that when you come to sell the property you will need to extend the term of your lease if you are approaching seventy five years. To maximise the marketability of your property you should be considering whether or not to extend your lease well in advance of selling the property. There are also strong financial reasons to taking action before the lease hits eighty years as when the lease falls below eighty years the premium to be paid to extend starts to escalate.