It is 10 years ago since I purchased my house in Oadby. Conveyancing lawyers have now been instructed on the sale but I can't find the deeds. Will this jeopardise the sale?
Don’t worry too much. Firstly the deeds may be kept by the mortgage company or they may be in the possession of the lawyers who acted in your purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. The vast majority of conveyancing in Oadby involves registered property but in the rare situation where your property is not registered it is more tricky but is resolvable.
My flat in Oadby is up for sale and I have accepted an offer. Does the conveyancing practitioner have to be required to be on the RBS conveyancing panel in order to deal with repayment of my mortgage?
Ordinarily, even if your lawyer is not on the RBS conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their requirements fairly frequently in recent years.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Oadby I like with a park and transport links nearby, the downside is that it only has 61 years unexpired on the lease. There is not much else in Oadby suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan that many years will likely be an issue. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least 2 years you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this.
I need to retain a conveyancing solicitor for residential conveyancing in Oadby. I have stumble across a web site which looks to be the perfect solution If there is a chance to get all formalities completed via email that would be preferable. Do I need to be concerned? What should out be looking out for?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I own a leasehold house in Oadby. Conveyancing and Lloyds TSB Bank mortgage are in place. I have received a letter from someone saying they have taken over the freehold. It included a ground rent demand for rent dating back to 1991. The conveyancing solicitor in Oadby who acted for me is not around. Any advice?
First contact the Land Registry to be sure that this person is in fact the new freeholder. It is not necessary to incur the fees of a Oadby conveyancing lawyer to do this as it can be done on-line for a few pound. Rest assured that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a basement flat in Oadby, conveyancing was carried out in 2006. How much will my lease extension cost? Similar flats in Oadby with an extended lease are worth £260,000. The average or mid-range amount of ground rent is £45 levied per year. The lease finishes on 21st October 2099
With only 74 years left to run we estimate the price of your lease extension to span between £8,600 and £9,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
When it comes to my conveyancing in Oadby 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 Oadby conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the conveyancer's time in submitting the funds this way.