We are about to exchange buying a house in Burbage but as a consequence of wreckage from a small fire at the property I have was able negotiate recompense from the current proprietors of three thousand pounds taking the form of a deduction in the price. This was going to be addressed as part of amending the contract yet Bank of Ireland are not allowing this. Should they have been informed?
Your conveyancer being on a Bank of Ireland approved list is obliged to advise Bank of Ireland of any amendments to the sale price. If you prohibit your lawyer to report the price change to Bank of Ireland then they would have to discontinue acting for you. In addition, Bank of Ireland and you would have to appoint a new lawyer for your conveyancing in Burbage.
It is a dozen years since I acquired my home in Burbage. Conveyancing solicitors have now been instructed on the sale but I am unable to locate the title deeds. Will this cause complications?
You need not be too concerned. First the deeds may be kept by the mortgage company or they may still be with the solicitor who handled your purchase. Secondly in all probability the title will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. Almost all conveyancing in Burbage relates to registered property but in the unlikely event that your property is not registered it is more of a problem but is not insurmountable.
My wife and I purchased a terraced Georgian house in Burbage. Conveyancing lawyer represented me and TSB. I did a free Land Registry search last week and there are a couple of entries: the first freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You should 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Burbage and other locations in 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 mortgage companies. You can also enquire as to the position with the conveyancing practitioner who conducted the conveyancing.
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If all goes to plan we aim to complete the disposal of our £450,000 garden flat in Burbage next week. The freeholder has quoted £336 for Certificate of Compliance, building insurance schedule and 3 years service charge statements. Is it legal for a freeholder to charge exorbitant fees for a leasehold conveyance in Burbage?
Burbage conveyancing on leasehold apartments often involves the buyer’s solicitor submitting questions for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions the majority will be content to assist. They may levy a reasonable charge for answering enquiries or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is £350, in some transactions it is in excess of £800. The management information fee required by the landlord must be accompanied by a summary of rights and obligations in respect of administration fees, otherwise the charge is not strictly payable. In reality one has no option but to pay whatever is requested of you if you want to complete the sale of your home.
I inherited a split level flat in Burbage, conveyancing formalities finalised in 2010. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Burbage with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ends on 21st October 2079
With 53 years left to run the likely cost is going to span between £27,600 and £31,800 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.
We are soon to complete buying a house in Burbage but as a consequence of wreckage from the recent storms I have negotiated compensation from the seller of £3k taking the form of a deduction in the price. I had intended this to be dealt with as part of the conveyancing process yet my lender will not permit this. Why were they involved?
Your conveyancing practitioner that is on a lender approved list is required to advise the bank of any amendments to the sale price. In the event that you did not allow your solicitor to report the reduction to your bank then they would have no choice but to discontinue representing you and the mortgage company.