Do I need to pop into the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Gosport so that I can attend their offices if necessary.
Nowadays approved lawyers for banks carry out all of the work through Royal Mail, e-mail or over phone calls. This means that they can undertake the conveyancing transaction regardless of where you live in the country. That being said you should see if you have the option of going to the offices of your conveyancing lawyer if just in case this is required.
I purchased a terraced Edwardian property in Gosport. Conveyancing practitioner acted for me and National Westminster Bank. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
You should assess 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 Gosport and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with purchasers. You can also check the position with the conveyancing practitioner who conducted the work.
How does conveyancing in Gosport differ for newly converted properties?
Most buyers of new build or newly converted property in Gosport approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is constructed. This is because builders in Gosport typically acquire 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 conveyancers 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 used to new build conveyancing in Gosport or who has acted in the same development.
I have been on the look out for a leasehold apartment up to £305k and found one close by in Gosport I like with open areas and transport links in the vicinity, the downside is that it only has 49 years unexpired on the lease. There is not much else in Gosport for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a home loan that many years will likely be an issue. Discount the price by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for at least 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this.
There are only Seventy years unexpired on my lease in Gosport. I now want to get lease extension but my freeholder is absent. What options are available to me?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be extended by the magistrate. You will be obliged to demonstrate that you have made all reasonable attempts to track down the lessor. For most situations a specialist would be useful to try and locate and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court covering Gosport.
Leasehold Conveyancing in Gosport - Sample of Queries before buying
-
How much is the ground rent and service charge? The best form of lease arrangement is where the freehold reversion is owned by the leaseholders. In this arrangement the tenants enjoy being in charge if their destiny and even though a managing agent is frequently employed where it is bigger than a house conversion, the managing agent is directed by the tenants. You will want to find out as much as you can regarding the managing agents as they will either make your living at the property much simpler or a lot more difficult. As the proprietor of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day issues such as the tidiness of the communal areas. You should not be shy to ask prospective neighbours what they think of their management. On a final note, be sure you know the dates that you are obliged pay the service charge to the managing agents and specifically what you get for your money.
My wife and I accepted an offer on a Gosport ground floor flat left to us six years ago in 2010. I have over a decades worth of conveyancing knowledge and, although retired, see no reason not to do my own conveyancing. The purchaser's property lawyer has informed me that their building society will not allow you to do your own conveyancing requiring the funds to be released via a solicitor's bank account.
Lending instructions to lawyers from all mainstream lenders state that If the seller is not legally represented the purchaser’s lawyers should check whether the mortgage company needs to be notified so that a decision can be made as to whether or not they are willing to move forward.