Despite weeks of looking the Title Certificate and documents to my house are lost. The conveyancers who dealt with the conveyancing in Ruddington 4 years ago are no longer around. Will I be able to sell the house?
As long as you have a registered title the details of your proprietorship will be documented by the Land Registry with a Title Number. It is easy to perform a search at the Land Registry, find your property and get current copies of the property title for less than a fiver. If the title is Leasehold then the Land Registry will also normally retain a certified copy of the Registered Lease and again, a copy can be ordered for £20 inclusive of VAT.
How does conveyancing in Ruddington differ for new build properties?
Most buyers of new build or newly converted property in Ruddington approach us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Ruddington tend to 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 conveyancers 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 used to new build conveyancing in Ruddington or who has acted in the same development.
Yesterday I discovered that there is a flying freehold element on a house I have offered on last month in what should have been a straight forward, chain free conveyancing. Ruddington is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ruddington are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Ruddington you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ruddington may determine 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 premises.
I was recommended by numerous property agents in Ruddington to get a quote from a property lawyer using your seach tool. Is there a financial upside for Estate Agents to promote your services over and above another?
We refuse to give any referral fee for directing people in our direction. We found it would be just too difficult to pay a commission as home movers will think, ‘Why is the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am employed by a reputable estate agency in Ruddington where we see a number of flat sales derailed as a result of leases having less than 80 years remaining. I have received contradictory information from local Ruddington conveyancing solicitors. Please can you shed some light as to whether the owner of a flat can start the lease extension formalities for the purchaser on completion of the sale?
Provided that the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or at the same time as completion of the disposal of the property.
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 buyer.
I acquired a 1 bedroom flat in Ruddington, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Ruddington with over 90 years remaining are worth £202,000. The average or mid-range amount of ground rent is £60 charged once a year. The lease ceases on 21st October 2082
With only 57 years remaining on your lease the likely cost is going to be between £28,500 and £33,000 plus costs.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
What type of premises does your Ruddington conveyancing quotes relate to?
The quotes provided are only appropriate to standard domestic property in England & Wales. Where you have any different needs for instance industrial or agricultural land or commercial conveyancing in Ruddington please contact us to consider this further .