Despite weeks of looking the Title Certificate and documents to our home can not be found. The solicitors who did the conveyancing in Millom 10 years ago have long since closed. What are my options?
As long as the title is registered the details of your proprietorship will be held by the Land Registry under a Title Number. It is possible to execute a search at the Land Registry, identify your house and secure current copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will in most cases hold a file duplicate of the Registered Lease and again, a copy can be retrieved for a small fee.
How does conveyancing in Millom differ for newly converted properties?
Most buyers of new build property in Millom come to us having been asked by the builder to sign contracts and commit to the purchase even before the premises is finished. This is because new home sellers in Millom 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 used to new build conveyancing in Millom or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and identified one round the corner in Millom I like with open areas and railway links in the vicinity, however it's only got 52 years on the lease. There is not much else in Millom for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you require a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you may ask them to start the process of the extension and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
I am using a search engine for the phrase on line conveyancing in Millom it reveals numerous solicitorsin the area. With so much choice what is the best way to find the right conveyancer for purchase transaction?
The ideal method of seeking a suitable conveyancer is via trusted referral, so ask colleagues and family who have purchased a property in Millom or the reputable estate agent or financial adviser. Costs for conveyancing in Millom differ, so it's sensible to obtain a minimum of three costs illustrations from different conveyancers. Make sure that you know that the costs are guaranteed not to escalate.
I work for a long established estate agency in Millom where we have experienced a number of leasehold sales put at risk due to leases having less than 80 years remaining. I have been given inconsistent advice from local Millom conveyancing solicitors. Could you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. 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 sale.
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 buyer.
I inherited a 1st floor flat in Millom, conveyancing having been completed in 2009. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Millom with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2094
With just 70 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.
When it comes to my conveyancing in Millom should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Millom conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancing practitioner's time in submitting the funds this way.