Our lawyer has uncovered a defect with the lease for the apartment we are buying in Rogerstone. The other side have offered defective title insurance as a solution. We are happy with insurance and will pay for it. Our lawyer has advised that he must be satisfied that the mortgage company is content with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their conditions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook requirements. You and the bank are the client. The appropriate lender specifications have to be complied with.
It is 10 years ago since I purchased my home in Rogerstone. Conveyancing solicitors have recently been retained on the sale but I can't locate the deeds. Is this a major issue?
You need not be too concerned. Firstly the deeds may be retained by your lender or they could be in the possession of the lawyers who handled your purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. The vast majority of conveyancing in Rogerstone involves registered property but in the rare situation where your property is unregistered it is more problematic but is resolvable.
A friend recommended that if I am purchasing in Rogerstone I should carry out a Neighbourhood, Planning and Local Amenity Search. Can you explain what the purpose of this search is?
A search of this type is usually quoted for as part of the standard Rogerstone conveyancing searches. It is a large document of more than thirty pages, listing and detailing significant information about Rogerstone 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 demographics of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Rogerstone Education with plans and statistics, Local Amenities and other useful information about Rogerstone.
I am looking for a ground for flat up to £235,500 and found one near me in Rogerstone I like with a park and railway links nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Rogerstone in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I have recently realised that I have Fifty years left on my flat in Rogerstone. I need to extend my lease but my landlord is can not be found. What should I do?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. However, you will be required to demonstrate that you or your lawyers have made all reasonable attempts to track down the landlord. For most situations an enquiry agent should be helpful to conduct investigations and prepare a report which can be used as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on investigating the landlord’s absence and the vesting order request to the County Court covering Rogerstone.
I am the registered owner of a split level flat in Rogerstone, conveyancing formalities finalised half a dozen years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Rogerstone with over 90 years remaining are worth £222,000. The ground rent is £50 levied per year. The lease ceases on 21st October 2097
With 71 years unexpired the likely cost is going to span between £9,500 and £11,000 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
My cousin is purchasing a studio flat in Rogerstone. He has received an estimate by the solicitor connected to the selling agents totaling £1250 . It was fifteen years ago since I sold and bought a home and the bill was £450. Have fees really increased to that extent?
What does the conveyancing estimate include? Is it just for the legal fees, or what you will be paying in total (for instance Rogerstone searches, land registry fees, etc)