It is is a decade since I purchased my home in Lydney. Conveyancing lawyers have just been retained on the sale but I can't find my title deeds. Is this a major issue?
You need not be too concerned. First there is a possibility that the deeds will be retained by your lender or they may be in the possession of the conveyancers who handled the purchase. Secondly the chances are that the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining up to date copy of the land registers. Nearly all conveyancing in Lydney involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
Do I need to pay for insurance to cover chancel repairs when acquiring a house in Lydney?
Unless a previous purchase of the house took place after 12 October 2013 you may assume that lawyers carrying out conveyancing in Lydney to continue to propose a a chancel search and or insurance against a claim.
It has been 3 months following my purchase conveyancing in Lydney took place. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £180,000. 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 premises 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 Lydney differ for new build properties?
Most buyers of new build or newly converted property in Lydney approach us having been asked by the developer to sign contracts and commit to the purchase even before the property is ready to move into. This is because developers in Lydney typically acquire 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 property lawyers 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 Lydney or who has acted in the same development.
I am looking for a ground for flat up to £195,000 and identified one near me in Lydney I like with open areas and railway links nearby, however it's only got 52 remaining years left on the lease. There is not much else in Lydney suitable, so just wondered if I would be making a mistake acquiring a short lease?
Should you require a mortgage that many years will likely be problematic. Discount the price by the anticipated lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of twenty four months you may ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Can you provide any top tips for leasehold conveyancing in Lydney with the intention of speeding up the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Lydney can be bypassed where you get in touch lawyers as soon as you market your property and ask them to collate the leasehold documentation needed by the purchasers’ representatives. If you have carried out any alterations to the residence would they have required Landlord’s consent? In particular have you installed wooden flooring? Most leases in Lydney state that internal structural alterations or installing wooden flooring require a licence from the Landlord approving such changes. Where you fail to have the paperwork in place do not contact the landlord without contacting your lawyer before hand. You may think that you are aware of the number of years left on your lease but it would be advisable double-check via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the lease term is less than 80 years. In the circumstances it is essential at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. A minority of Lydney leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, it would be prudent to notify your estate agents to make sure that the purchasers put in hand financial (bank) and professional references. The bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
Leasehold Conveyancing in Lydney - Sample of Questions you should ask Prior to Purchasing
-
The answer will be important as a) areas could result in problems in the block as the common areas may start to deteriorate where services remain unpaid b) if the leaseholders have an issue with the managing agents you will wish to know about it What prohibitions are contained in the Lydney Lease? Are there any major works anticipated that could add a premium to the maintenance charges?