It is is a decade since I bought my property in Keyworth. Conveyancing solicitors have recently been retained on the sale but I am unable to locate my deeds. Will this cause complications?
You need not be too concerned. Firstly there is a possibility that the deeds will be retained by your mortgage company or they may be in the possession of the lawyers who handled the purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors procuring up to date copy of the land registers. Almost all conveyancing in Keyworth relates to registered property but in the rare situation where your home is unregistered it is more problematic but is resolvable.
My grandmother passed away 10 months ago and as sole heir and executor I was left the property in Keyworth. The house had a relatively small loan remaining of approximately £5k. I want to transfer the title deeds into my name whilst I re-mortgage to Barclays, pay off the mortgage. Is this allowed?
Where you plan to re-mortgage then Barclays will require that you use a conveyancer on the Barclays conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Barclays conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Barclays mortgage is registered as a charge at the Land Registry.
How does conveyancing in Keyworth differ for new build properties?
Most buyers of new build or newly converted property in Keyworth contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is built. This is because builders in Keyworth usually buy the real estate, 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 Keyworth or who has acted in the same development.
I'm converting the mortgage on my existing property to a BTL loan with Norwich and Peterborough Building Society and intend to use the remaining equity as a deposit on a second house. The location we are looking at is Keyworth. Will your conveyancers be able to act for the two lenders and tie in the transactions?
Do use our comparison tool on this page to ensure that the solicitors are on the relevant lender panels. Having checked that they are the lawyer will be able to connect the two deals but you should have a chat with you conveyancer and specify your expectations and requirements.
Should I instruct a Keyworth conveyancing solicitor based in the area that I am hoping to buy? We have a good friend who can carry out the legal work but they are based over three hundred miles drive away.
The benefit of a high street Keyworth conveyancing firm is that you can attend the office to execute paperwork, present your identification documents and pester them if necessary. They will also have local insight which is a plus. However it's more important to get someone that will do a good and efficient job. If if people you trust instructed your friend and they were impressed that must trump using an unknown Keyworth conveyancing lawyer just because they are based in the area.
I am employed by a busy estate agent office in Keyworth where we have witnessed a few leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given contradictory information from local Keyworth conveyancing firms. Please can you shed some light as to whether the vendor of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner 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 need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
I am the registered owner of a basement flat in Keyworth, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Keyworth with an extended lease are worth £202,000. The ground rent is £55 per annum. The lease comes to an end on 21st October 2081
With just 56 years remaining on your lease we estimate the price of your lease extension to span between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.