I have been told that property searches are the primary reason for stalling in Bowthorpe house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) released findings of a review by MoveWithUs that conveyancing searches do not feature amongst the most frequent causes of delays in the conveyancing process. Searches are not likely to be the root cause of delay in conveyancing in Bowthorpe.
Me and my brother own a 4 bedroom Georgian house in Bowthorpe. Conveyancing practitioner represented me and Leeds Building Society. I did a free Land Registry search last week and I saw two entries: one for freehold, another for leasehold with the exact same address. If a house is not a freehold shouldn't I have been informed?
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 Bowthorpe and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with your conveyancing practitioner who carried out the work.
How does conveyancing in Bowthorpe differ for newly converted properties?
Most buyers of new build premises in Bowthorpe approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because new home sellers in Bowthorpe tend to buy the land, 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 property lawyers 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 accustomed to new build conveyancing in Bowthorpe or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a quick, no chain conveyancing. Bowthorpe is the location of the property. What do you suggest?
Flying freeholds in Bowthorpe are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Bowthorpe you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Bowthorpe may ascertain 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 residence.
What does commercial conveyancing in Bowthorpe cover?
Non domestic conveyancing in Bowthorpe incorporates a broad array of advice, offered by qualified solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the transfer of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial loans and the termination of tenancies.
I am attracted to a couple of apartments in Bowthorpe which have about fifty years unexpired on the lease term. Will this present a problem?
There are plenty of short leases in Bowthorpe. The lease is a right to use the property for a period of time. As the lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is advisable to increase the term of the lease. More often than not it is difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you seek professional help from a conveyancer and surveyor with experience in this area.
I am the registered owner of a 1 bedroom flat in Bowthorpe, conveyancing was carried out half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Bowthorpe with an extended lease are worth £202,000. The ground rent is £60 per annum. The lease finishes on 21st October 2082
With only 57 years left to run we estimate the premium for your lease extension to span between £28,500 and £33,000 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues 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 getting professional advice.