It is 10 years ago since I bought my property in Newton Abbot. Conveyancing lawyers have just been retained on the sale but I can't locate the deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be with the mortgage company or they may be archived with the lawyers who acted in 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 obtaining up to date copy of the land registers. The vast majority of conveyancing in Newton Abbot involves registered property but in the unlikely event that your property is unregistered it is more problematic but is resolvable.
What happens if my lawyer’s firm is suspended from the HSBC Solicitor panel ahead of completing my conveyancing in Newton Abbot?
First, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
A relative recommended that where I am purchasing in Newton Abbot I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is occasionally included in the estimate for your Newton Abbot conveyancing searches. It is not a small report of more than thirty pages, listing and setting out significant information about Newton Abbot around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime statistics, Local Education with maps and statistics, Local Amenities and other useful data about Newton Abbot.
Yesterday I discovered that there is a flying freehold issue on a house I put an offer in a fortnight ago in what was supposed to be a quick, no chain conveyancing. Newton Abbot is the location of the property. Can you offer any guidance?
Flying freeholds in Newton Abbot are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Newton Abbot you must be sure that your lawyer goes through the deeds diligently. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Newton Abbot may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am tempted by the attractive purchase price for a couple of maisonettes in Newton Abbot both have approximately fifty years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a right to use the premises for a period of time. As a lease shortens the saleability of the lease reduces and results in it becoming more costly to extend the lease. For this reason it is generally wise to extend the lease term. More often than not it is difficult to sell a property with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena.
Newton Abbot Leasehold Conveyancing - Examples of Questions you should consider before Purchasing
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Where a Newton Abbot lease has no more than 80 years it will have adverse implications on the value of the flat. It is worth checking with your mortgage company that they are content with the length of the lease. A short lease means that you will probably require a lease extension sooner rather than later and it is worth finding out how much this will be. Remember, in most cases you will need to own the residence for 24 months in order to be entitled to extend the lease. Who are the managing agents?
At what point do I pay stamp duty payable for my Newton Abbot flat purchase?
The solicitor should fill out a stamp duty return on your behalf as part of your Newton Abbot conveyancing transaction for signature. On completion your conveyancing practitioner will submit your Land Transaction application to the Tax Authorities and - as long as they have the funds - discharge any land tax liability on your behalf.