I am under pressure from the mortgagee in possession of a property in Pangbourne to sign contracts within four weeks. What can I do to speed up matters?
In the event that you are under a tight deadline to sign contracts it is highly recommended that your solicitor is familiar with the area as they will make use of local contacts and knowledge. It is even conceivable that they could have handled otherhouses in the same road. Therefore consider using a Pangbourne conveyancing firm. In addition, double check that the conveyancing firm is on the on the approved list for your mortgage company. It is believed that just under twenty per cent of Pangbourne conveyancing deals are suspended or jeopardised after discovering a purchaser’s lawyer was not on their mortgage lender’s panel. This can often result in the legal transfer of property being frustrated by as much as 21 days. It is believed that this issue affects approximately one hundred thousand home sales annually. Most Pangbourne conveyancing practices can not act for certain lenders so do check as early as possible.
I own a freehold premises in Pangbourne yet charged rent, why is this and what is this?
It’s unusual for properties in Pangbourne and has limited impact for conveyancing in Pangbourne but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Just acquired a terraced house in Pangbourne , how long will it take for the Land Registry to register my ownership? My Pangbourne conveyancing solicitor has been very slow, so I want to be sure the registration is dealt with.
There is nothing unique when it comes to conveyancing in Pangbourne registration formalities. As opposed to being determined by geographic area, timescales can adjust according to the party submitting the application, whether it is in order and whether the Land registry must send notices to any third persons or bodies. As of today in the region of three quarters of such applications are completed within 12 days but some can be subject to extensive delays. Registration takes place after the buyer is living at the property so registration formalities is not usually top priority yet if it is urgent that the the registration takes place urgently then you or your conveyancer can contact the land registry and explain the circumstances.
How does conveyancing in Pangbourne differ for new build properties?
Most buyers of new build residence in Pangbourne approach us having been asked by the developer to sign contracts and commit to the purchase even before the house is ready to move into. This is because house builders in Pangbourne typically purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Pangbourne or who has acted in the same development.
I need to find a conveyancing solicitor for freehold conveyancing in Pangbourne. I have land on a web site which appears to be the ideal offering If there is a chance to get all this stuff done via web that would be ideal. Do I need to be concerned? What are the potential pitfalls?
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 am a negotiator for a long established estate agent office in Pangbourne where we have experienced a few flat sales derailed due to short leases. I have been given contradictory information from local Pangbourne conveyancing firms. Please can you clarify whether the vendor of a flat can initiate the lease extension process for the buyer?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a 1st floor flat in Pangbourne, conveyancing was carried out 5 years ago. How much will my lease extension cost? Corresponding properties in Pangbourne with a long lease are worth £197,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2080
With only 55 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first seeking the advice of a professional.