I have just been advised by my mortgage adviser that my Cottesmore lawyer is not on the mortgage company Conveyancing panel. How can I check?
The first thing you need to do is to call your Cottesmore conveyancer. It is reasonable to expect your lawyer to notify you of the situation. If they are not on the panel they could put your in touch with solicitors on the conveyancing panel for your bank.
Various internet forums that I have come across warn that are the number one reason for stalling in Cottesmore house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays in the conveyancing process. Local searches are unlikely to feature in any holding up conveyancing in Cottesmore.
Despite weeks of looking the Title Certificate and documents to our home can not be found. The solicitors who did the conveyancing in Cottesmore 10 years ago have long since closed. What do I do?
As long as the title is registered the details of your ownership will be documented by the Land Registry with a Title Number. It is possible to carry out a search at the Land Registry, locate your property and secure up to date copies of the property title for less than a fiver. Where the title is Leasehold then the Land Registry will in most cases hold a certified duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
I've recently found out that there is a flying freehold element on a house I have offered on two weeks back in what was supposed to be a straight forward, no chain conveyancing. Cottesmore is the location of the property. Can you shed any light on this issue?
Flying freeholds in Cottesmore are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Cottesmore you must be sure that your lawyer goes through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cottesmore may determine 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.
I am employed by a reputable estate agency in Cottesmore where we have experienced a few flat sales jeopardised due to short leases. I have received inconsistent advice from local Cottesmore conveyancing firms. Can you shed some light as to whether the seller of a flat can instigate the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a split level flat in Cottesmore, conveyancing was carried out 6 years ago. Can you work out an approximate cost of a lease extension? Similar flats in Cottesmore with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2080
You have 54 years left to run we estimate the price of your lease extension to range between £32,300 and £37,400 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
We are FTB’s just having agreed a price on a property in Cottesmore, and need to get solicitors lined up. We have utilised the numerous rating based websites and the fee estimates are from all across the the UK. Is it essential to have a Cottesmore lawyer local to our prospective property? We are content to do all the communicating over the internet, but I am thinking at some stage we will need to physically go into the conveyancing practitioner's office to sign documents?
The conveyancing practitioner does not have to be in Cottesmore, but opting for local means that you have the option to go in if required, for instance, if a signature is needed urgently. Furthermore, a Cottesmore solicitor have established relationships with local agents and (if the vendor has chosen a local property lawyer) with them, which will help smooth the process.