Me and my wife are acquiring a flat in Liss. My property lawyer is not on the bank conveyancing panel. Can I still continue with my Liss conveyancing solicitor notwithstanding that they are not on the bank panel?
You have numerous alternatives available to you here
- Complete the deal with your chosen Liss conveyancing practitioner but your mortgage company will no doubt appoint a property lawyer on their approved list. This will result in additional charges and potential frustration.
- Choose a new lawyer to act in the purchase, making sure they are on the lender conveyancing panel.
- Appeal to your property lawyer to seek to join the mortgage company panel
It is 10 years ago since I purchased my house in Liss. Conveyancing lawyers have now been retained on the sale but I can't track down the deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they may be in the possession of the solicitor who oversaw the purchase. Secondly the likelihood is that the property will be registered at the land registry and you will be able to establish that you own the property by your conveyancing solicitors procuring current official copies of the land registers. Most conveyancing in Liss involves registered property but in the rare situation where your home is not registered it adds to the complexity but is not insurmountable.
five months have gone by since my purchase conveyancing in Liss completed. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Liss differ for newly converted properties?
Most buyers of new build or newly converted property in Liss come to us having been asked by the seller to exchange contracts and commit to the purchase even before the house is built. This is because builders in Liss tend to purchase 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 Liss or who has acted in the same development.
Due to the encouragement of my in-laws I had a survey completed on a property in Liss in advance of retaining conveyancers. I have been advised that there is a flying freehold element to the property. Our surveyor advised that some mortgage companies will not give a loan on such a premises.
It depends who your proposed lender is. Santander has different requirements for example to Halifax. If you e-mail us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Liss. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Liss to see if the conveyancing will be more expensive.
I am attracted to a two apartments in Liss both have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Liss is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Liss conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Liss Leasehold Conveyancing - Examples of Queries Prior to Purchasing
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In the main the cost for major works tend not to be included within maintenance charges, although a few managing agents in Liss ask tenants to pay into a reserve fund and this is used to offset against major works. How much is the service charge and ground rent on the property? The best form of lease arrangement is a share of the freehold. In this scenario the tenants have being in charge if their destiny and although a managing agent is often employed if it is larger than a house conversion, the managing agent employed by the leaseholders.