It is a dozen years since I acquired my home in Box. Conveyancing solicitors have recently been appointed on the sale but I am unable to find the title deeds. Is this a major issue?
Don’t worry too much. Firstly there is a possibility that the deeds will be with the mortgage company or they may still be with the lawyers who oversaw your purchase. Secondly in most cases the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Almost all conveyancing in Box relates to registered property but in the unlikely event that your property is unregistered it is more problematic but is resolvable.
It has been three months since my purchase conveyancing in Box concluded. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the property from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Box differ for new build properties?
Most buyers of new build property in Box come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is finished. This is because developers in Box tend to purchase the site, 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 conveyancing solicitors 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 Box or who has acted in the same development.
What makes your site different to other internet conveyancing brokers for conveyancing in Box?
At this site receive a conveyancing quote from a Solicitor or Licensed Conveyancer that appreciates the issues of your conveyancing in Box. As opposed to estate agents and many comparison sites we do not have referral arrangements with solicitors. Some agents and online brokers 'recommend' solicitors who pay the highest commission, not the best value conveyancing in Box
I am tempted by the attractive purchase price for a two maisonettes in Box both have in the region of 50 years remaining on the lease term. Will this present a problem?
There are plenty of short leases in Box. The lease is a legal document that entitles you to use the property for a period of time. As a lease gets shorter the marketability of the lease reduces and results in it becoming more expensive to acquire a lease extension. For this reason it is advisable to increase the term of the lease. It is often difficulties arise selling premises with a short lease as mortgage companies may be unwilling to lend money on properties of this type. Lease enfranchisement can be a difficult process. We advise that you get professional help from a solicitor and surveyor with experience in this field.
I acquired a ground floor flat in Box, conveyancing having been completed 8 years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Box with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 yearly. The lease ceases on 21st October 2085
You have 59 years left to run the likely cost is going to range between £20,900 and £24,200 as well as 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 provide a more accurate figure without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to 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.
My son is about to join the property ladder, the home loan was agreed last week in principle. One the offer was accepted on flat we telephoned the mortgage institution to go forward with his. I was very surprised to learn that mortgage companies do not accept all solicitor, they have to be on a list, is this legal?
Mortgage Companies tend to restrict either the type or the number of conveyancing firms on their approved list of lawyers. A common example of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Box property lawyer on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Probably not.