It is is a decade since I purchased my home in Leicester. Conveyancing lawyers have just been instructed on the sale but I am unable to track down the title documents. Will this cause complications?
Don’t worry too much. First there is a chance that the deeds will be retained by your lender or they may stored with the conveyancers who oversaw the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. The vast majority of conveyancing in Leicester relates to registered property but in the rare situation where your property is unregistered it adds to the complexity but is not insurmountable.
We're in Leicester, First time buyers buying with a mortgage (lender is Kent Reliance , and our solicitor is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Are there restrictive covenants that are commonly identified during conveyancing in Leicester?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Leicester. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I opted to have a survey completed on a house in Leicester in advance of retaining lawyers. I have been told that there is a flying freehold element to the house. My surveyor advised that some lenders tend refuse to grant a mortgage on this type of property.
It varies from the lender to lender. Santander has different instructions from Halifax. If you call us we can look into this further via the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Leicester. Conveyancing may be slightly more expensive based on your lender's requirements.
We're new to the buying process - had an offer accepted, yet the estate agent advised that the vendor will only move forward if we appoint their chosen conveyancers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a family conveyancer accustomed to conveyancing in Leicester
We suspect that the owner is not behind this ultimatum. Should the seller desire ‘a quick sale', turning down a serious purchaser is likely to cause more damage than good. Contact the vendors directly and make the point that (a)you are genuine purchasers (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you wish to move quickly (e)but you will continue to instruct your preferred Leicester conveyancing firm - not the ones that will provide the negotiator at the agency a referral fee or hit his conveyancing figures demanded by head office.
In relation to leasehold conveyancing in Leicester what are the most common lease problems?
Leasehold conveyancing in Leicester is not unique. All leases are drafted differently and legal mistakes in the legal wording can sometimes mean that certain provisions are missing. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party.
A defective lease will likely cause issues when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Halifax, Skipton Building Society, and Platform Home Loans Ltd all have very detailed requirements when it comes to what is expected in a lease. If a mortgage lender believes that the lease does not cover certain provisions they may refuse to grant the mortgage, forcing the purchaser to pull out.
I bought a basement flat in Leicester, conveyancing formalities finalised 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Leicester with an extended lease are worth £186,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2079
With just 53 years unexpired we estimate the price of your lease extension to span between £27,600 and £31,800 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.