It is 10 years ago since I acquired my house in Sawtry. Conveyancing solicitors have now been instructed on the sale but I can't find my title deeds. Is this a problem?
You need not be too concerned. First there is a possibility that the deeds will be with your lender or they could be archived with 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 lawyers obtaining current official copies of the land registers. Nearly all conveyancing in Sawtry involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
Do the Building Society Association intend to launch a online directory to list solicitors on the Norwich and Peterborough Building Society conveyancing panel for instance in Sawtry?
We have not been informed any plans on the part of the BSA to develop such a tool.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Sawtry?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Sawtry. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I'm buying a new build house in Sawtry with a loan from TSB. The builders refused to move on the amount so I negotiated 6k of fixtures and fittings instead. The sale representative advised me not reveal to my lawyer about the deal as it could impact my mortgage with TSB. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am tempted by the attractive purchase price for a two apartments in Sawtry both have in the region of forty five years left on the leases. Should I regard a short lease as a deal breaker?
A lease is a legal document that entitles you to use the premises for a prescribed time frame. As the lease gets shorter the value of the lease decreases and results in it becoming more costly to acquire a lease extension. This is why it is often a good idea to increase the term of the lease. More often than not it is difficulties arise selling premises with a short lease because mortgage companies may be reluctant to lend money on properties of this type. Lease extension can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this field.
I am the registered owner of a 1st floor flat in Sawtry, conveyancing was carried out in 2012. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Sawtry with a long lease are worth £186,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2077
With 52 years remaining on your lease the likely cost is going to range between £29,500 and £34,000 plus 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 are not able to advice on the actual costs in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information without first getting professional advice.
What can I do to establish who owns a property in Sawtry?
Assuming that the property is recorded at the Land Registry, and you have requisite details of the location of the premises, you will be able to obtain details from the HMLR of the registered owner for a fee.