I am buying a leasehold flat in Muxton. My lawyer is not listed on the bank approved list. Am I still permitted to retain my Muxton conveyancing solicitor notwithstanding that they are excluded from the bank panel?
You have numerous alternatives open to you here
- Carry on with your preferred Muxton conveyancing practitioner but your bank will need to appoint a property lawyer from their approved list. This will result in additional charges and likely frustration.
- Choose a new lawyer to act in the purchase, making sure they are on the mortgage company conveyancing panel.
- Convince your lawyer to pull out all the stops to join the bank’s panel of solicitors
I am need of leasehold conveyancing for a flat in a fairly new development (seven years old) in Muxton. 95% of the properties have already been occupied. Do I need carry out the conveyancing searches as part of conveyancing in Muxton?
You would be taking a significant risk in failing carrying out Muxton conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal requirement to have them, but we would seriously advise in no uncertain terms that your solicitor conducts them. Where time pressures and driving down costs are primary issues you should discuss with your lawyer about the options such as lack of search insurance available to you
It is a dozen years since I purchased my home in Muxton. Conveyancing solicitors have just been instructed on the sale but I am unable to locate the title documents. Will this cause complications?
You need not be too concerned. Firstly there is a chance that the deeds will be retained by the lender or they may be archived with the conveyancers who handled the purchase. Secondly the chances are that the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Almost all conveyancing in Muxton involves registered property but in the unlikely event that your home is unregistered it is more of a problem but is resolvable.
I am looking for a leasehold apartment up to £235,500 and found one round the corner in Muxton I like with open areas and transport links nearby, however it's only got 51 remaining years left on the lease. I can't really find anything else in Muxton in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor regarding this matter.
What advice can you give us when it comes to choosing a Muxton conveyancing firm to carry out our lease extension conveyancing?
When appointing a conveyancer for your lease extension (regardless if they are a Muxton conveyancing firm) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We recommend that you make enquires with two or three firms including non Muxton conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. The following questions might be useful:
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If they are not ALEP accredited then why not?
I own a ground floor flat in Muxton, conveyancing having been completed June 2002. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Muxton with over 90 years remaining are worth £201,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ends on 21st October 2090
With 64 years left to run we estimate the premium for your lease extension to range between £14,300 and £16,400 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other issues 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 before seeking the advice of a professional.
What type of premises does your Muxton conveyancing quotes apply to?
Our conveyancing quotes are only relevant to standard domestic premises in England & Wales. If you have any different requirements for instance industrial or agricultural land or commercial conveyancing in Muxton you should contact us to address your requirements .