Me and my brother have a terraced Edwardian property in Billingham. Conveyancing lawyer acted for me and The Mortgage Works. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to review the Freehold register you have again and check the Charges Register for 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 Billingham and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing practitioner who conducted the conveyancing.
How does conveyancing in Billingham differ for new build properties?
Most buyers of new build property in Billingham come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is ready to move into. This is because developers in Billingham typically purchase 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 conveyancers 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 Billingham or who has acted in the same development.
I am looking for a leasehold apartment up to £195,000 and found one close by in Billingham I like with amenity areas and transport links nearby, however it only has 49 years unexpired on the lease. I can't really find anything else in Billingham in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for a minimum of twenty four months you can request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
What makes your site different to alternative internet conveyancing solicitors for conveyancing in Billingham?
At this site secure a fixed fee quote from a Solicitor or Licensed Conveyancer that has a full understanding of the issues of your conveyancing in Billingham. As opposed to estate agents and brokerage sites we do not charge firms a commission if you instruct them for your conveyancing in Billingham
My husband and I are four weeks into a residential purchase having been directed to solicitors by the high street agent to handle our conveyancing in Billingham. We are not happy. Can you help me find new solicitors?
A lawyer would have to be very poor in order to consider changing them. Has the mortgage offer been issued? If so you need to advise them of the new contact details and ensure the mortgage documents are issued to the new lawyers. Your conveyancer should be on the banks panel to avoid added costs and frustration. So that should be your first question of the new conveyancers. Our find a solicitor tool should help you find a lender approved lawyer for your home move in Billingham
I own a leasehold flat in Billingham. Conveyancing was finalised in last year. I have read on a number of advice forums that I should not allow the lease length fall too low. Is this right?
Billingham domestic long term leases are for a set period - normally 99 years when they commenced. However a significant appartments in Billingham were built or converted 35 or more years ago and so such leases now have under eighty years remaining. This may sound like a long time but Banks, Building Societies and other mortgage institutions tend to require leases to have at least seventy five years left to be mortgageable. Accordingly when you come to sell the property you will need to extend the term of your lease if you are getting close to eighty years. To maximise your property value 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 reaches even eighty years as when the lease is below eighty years the amount you have to pay to extend starts to escalate.