We are selling our apartment in Bungay. Will the conveyancer need to be required to be on the UBS conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the UBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently at the moment.
I need some expedited conveyancing in Bungay as I am faced with a deadline to exchange contracts in less than one month. A mortgage is not required. Can I avoid the conveyancing searches to save money and time?
If.Given you are are a cash purchaser you are at liberty not to have searches carried out although no conveyancer would suggest that you don't. Drawing on years of experience of conveyancing in Bungay the following are examples of issues that can crop up and adversely affect future mortgageability: Enforcement Actions, Overdue Charges, Overdue Grants, Railway Schemes,...
My wife and I own a renovated Edwardian property in Bungay. Conveyancing practitioner acted for me and National Westminster Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, another for leasehold under the exact same address. Is it worth asking National Westminster Bank to clarify?
You need to read 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 Bungay 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 buyers. You can also question the position with the conveyancing lawyer who conducted the work.
I have been on the look out for a flat up to £195,000 and identified one round the corner in Bungay I like with amenity areas and railway links nearby, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Bungay for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a home loan that many years will likely be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for a minimum of 2 years you can ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this.
Having checked my lease I have discovered that there are only Sixty One years unexpired on my lease in Bungay. I now wish to get lease extension but my freeholder is missing. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to prove that you or your lawyers have done all that could be expected to locate the lessor. In some cases an enquiry agent should be helpful to carry out a search and to produce a report to be accepted by the court as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer in relation to investigating the landlord’s disappearance and the vesting order request to the County Court overseeing Bungay.
I own a studio flat in Bungay, conveyancing having been completed 4 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent flats in Bungay with over 90 years remaining are worth £197,000. The ground rent is £55 invoiced every year. The lease ends on 21st October 2081
You have 56 years left to run the likely cost is going to range between £29,500 and £34,000 plus costs.
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 detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
I am buying a house and cash is in place. My conveyancer has been supplied with with 2 separate proof of photo identification, bank statement, numerous utility bills. Now he requires a copy from a probate lawyer advising that the money is in order and that it has come from inheritance and not via illegitimate means.
For some years now requires conveyancing solicitors as well as banks, building societies and other financial institutes to obtain satisfactory evidence of the identity of the client. This is because solicitors who deal with money and property on behalf of their clients can be used by criminals wishing to launder money. In order to comply with the law of money laundering, your Bungay conveyancing lawyer will need to obtain evidence of your identity as as well as make sure that your funds are legitimate.