We are acquiring our first property. The lawyer has calledto ask if we wish to take out supplemental conveyancing searches. We are really unsure what's recommended for conveyancing in North Somerset
The extent of North Somerset conveyancing searches depends entirely on the property, the location, the likelihood of any of these risks, your knowledge of the locality and risks, your general approach to risk. What matters is that you properly comprehend what information the searches could give you. You may then decide if you personally think you need that information. Where you are unsure, ask the solicitor to guide you.
We're in North Somerset, First timers buying with a mortgage (lender is Lloyds , and our solicitor is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no solicitor should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
I have been told that property searches are a common reason for delay in North Somerset house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not feature within the top 10 causes of delays during the legal transfer of property. Local searches are unlikely to feature in any delay in conveyancing in North Somerset.
I have a 4 bedroom Edwardian property in North Somerset. Conveyancing lawyer acted for me and HSBC Bank. I happened to do a free search for it on the Land Registry database and there are a couple of entries: one for freehold, the second leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You need to review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in North Somerset and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the situation with the conveyancing practitioner who completed the work.
My company is intending to lease a unit on the high street. Can you recommend lawyers offering fixed costs for commercial conveyancing in North Somerset for less than £2000?
We can recommend firms who have specialist knowledge of commercial conveyancing in North Somerset, including the disposal and purchase of businesses as well as simply property. If you are hoping to acquire or lease a shop, pub, restaurant, office, retail premises or a whole business we will find you the right firm. Regarding the charges these will vary based on the structure and heads of terms of the deal. Please provide us with your contact information or telephone us so that we may furnish you with a detailed commercial conveyancing quote.
I am looking at a couple of flats in North Somerset which have in the region of 50 years unexpired on the leases. Do I need to be concerned?
A lease is a right to use the property for a period of time. As the lease shortens the marketability of the lease decreases and results in it becoming more costly to acquire a lease extension. For this reason it is generally wise to extend the lease term. It is often difficult to sell a property with a short lease because mortgage companies less inclined to grant a loan on properties of this type. Lease extension can be a protracted process. We recommend you get professional help from a conveyancer and surveyor with experience in this area.
I bought a garden flat in North Somerset, conveyancing formalities finalised in 2006. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in North Somerset with an extended lease are worth £265,000. The ground rent is £50 charged once a year. The lease expires on 21st October 2100
With just 75 years left to run we estimate the price of your lease extension to range between £8,600 and £9,800 as well as 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 without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.