It is is a decade since I bought my house in Botley. Conveyancing lawyers have recently been retained on the sale but I am unable to locate my title deeds. Will this jeopardise the sale?
You need not be too concerned. First there is a possibility that the deeds will be with your mortgage company or they may still be with the solicitor who acted in the purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Botley involves registered property but in the unlikely event that your property is not registered it is more problematic but is not insurmountable.
What does a local search inform me about the property I am purchasing in Botley?
Botley conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search organisations for example Xpress Legal The local search plays a central role in many a Botley conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your new home. The search will reveal data on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic areas.
I am looking for a ground for flat up to £305k and identified one close by in Botley I like with a park and transport links nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Botley suitable, so just wondered if I would be making a mistake acquiring a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you can request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor concerning this matter.
I'm refinancing my primary house to a BTL loan with Santander and intend to use the remaining equity as a deposit on another house. The area we are looking at is Botley. Will your lawyers be able to act for both sets of lenders and tie in the two deals?
Do use our comparison tool on this site to check that the conveyancers are on the appropriate lender panels. Having checked that they are the conveyancer will be able to tie up the two conveyancing matters but you should talk with you lawyer and communicate your expectations and needs.
In surfing the internet for the term conveyancing in Botley it reveals many solicitorsin the vicinity. With so much choice what is the best way to find the suitable solicitor for purchase transaction?
The preferential method of seeking a suitable conveyancer is via personal testimonial, so seek the opinion of friends and relatives who have acquired a property in Botley or a reputable estate agent or financial adviser. Fees for conveyancing in Botley vary, so it's a good idea to obtain a minimum of three quotes from different solicitors. Dont forget to clarify that the fees are fixed.
I am looking at a couple of apartments in Botley which have about forty five years unexpired on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Botley is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. The majority of buyers and mortgage companies, leases with less than 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 property 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 property 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 Botley 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
I own a garden flat in Botley, conveyancing was carried out 8 years ago. Can you work out an approximate cost of a lease extension? Similar properties in Botley with a long lease are worth £190,000. The ground rent is £45 charged once a year. The lease ceases on 21st October 2088
With just 62 years unexpired we estimate the premium for your lease extension to span between £17,100 and £19,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before seeking the advice of a professional.