How up to date is your database of Niton solicitors on the HSBC conveyancing panel? Do HSBC send you an updated list?
Niton conveyancing firms themselves provide us confirmation that they are on the HSBC conveyancing panel as opposed to being supplied with a list from HSBC directly.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The conveyancers who did the conveyancing in Niton 5 years ago no longer exist. What do I do?
You no longer need to have the physical original deeds to prove you are the registered proprietor of land or property, as the Land Registry have everything they need in a digital format.
I've recently found out that there is a flying freehold element on a house I have offered on last month in what should have been a quick, chain free conveyancing. Niton is the location of the property. Can you offer any opinion?
Flying freeholds in Niton are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Niton you would need to get your solicitor to go through the deeds very carefully. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Niton may ascertain 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 residence.
Given that I will soon spend 450k on a garden flat in Niton I wish to talk to a solicitor concerning thehouse move prior to giving the go ahead to the firm. Is this something that you can arrange?
We could not agree more - we would be happy to talk to you we do not take any clients on without you liaising with the conveyancer who will be conducting your conveyancing in Niton.There is no ‘factory style conveyancing’ - each client is an important person, not a case reference. The solicitors that we put you in touch with believe that the figure you are quoted for your conveyancing in Niton should be the figure that you end up paying.
I am tempted by the attractive purchase price for a two flats in Niton which have in the region of fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Niton is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it adversely affects the salability of the property. For most buyers and lenders, leases with under 75 years become less and less marketable. 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 premises 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 premises 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 Niton 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 any new 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.
I invested in buying a ground floor flat in Niton, conveyancing having been completed March 1999. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Niton with over 90 years remaining are worth £197,000. The average or mid-range amount of ground rent is £55 per annum. The lease runs out on 21st October 2078
With just 54 years remaining on your lease we estimate the price of your lease extension to range between £32,300 and £37,400 plus professional fees.
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 detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.
I have miscalculated my finances and am a few grand short a 10% deposit on my house purchase in Niton , but I still want to proceed. Do I have options?
One option is to try and accept a lower deposit. Many sellers will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last minute