It is 10 years ago since I acquired my house in Sherwood. Conveyancing solicitors have just been retained on the sale but I am unable to locate the title deeds. Will this cause complications?
Don’t worry too much. First there is a chance that the deeds will be retained by your mortgage company or they could be archived with the solicitor who handled your purchase. Secondly in all probability the land will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Nearly all conveyancing in Sherwood involves registered property but in the rare situation where your property is not registered it adds to the complexity but is resolvable.
Are there restrictive covenants that are commonly identified during conveyancing in Sherwood?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Sherwood. 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 purchasing a new build house in Sherwood with a loan from Yorkshire Building Society. The sellers refused to move on the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The property agent advised me not disclose to my lawyer about this side-deal as it would affect my mortgage with the lender. Should I keep quiet?.
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.
Over the last few months I have been searching for a flat up to £235,500 and found one round the corner in Sherwood I like with amenity areas and station in the vicinity, however it only has 61 years unexpired on the lease. There is not much else in Sherwood in this price bracket, so just wondered if I would be making a mistake acquiring a short lease?
If you require a home loan the shortness of the lease will likely be an issue. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for at least twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer regarding this matter.
I am looking at a two maisonettes in Sherwood both have about fifty years remaining on the leases. Will this present a problem?
There are plenty of short leases in Sherwood. The lease is a right to use the premises for a period of time. As the lease shortens the saleability of the lease deteriorates and it becomes more expensive to acquire a lease extension. This is why it is advisable to increase the term of the lease. It is often difficult to sell a property with a short lease because mortgage lenders less inclined to grant a loan on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional assistance from a conveyancer and surveyor with experience in this field.
I am the registered owner of a garden flat in Sherwood, conveyancing was carried out 4 years ago. How much will my lease extension cost? Corresponding flats in Sherwood with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease finishes on 21st October 2097
With 71 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account 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.
How does one as executor remove a deceased person's name from the title register for a property in Sherwood?
If a Sherwood property is jointly owned and one of the owners dies, the name will not automatically be removed from the Land Registry title. It is not necessary to amend the title as in the event of a sale your lawyer would just be required to evidence as to the reason the co owner is not included in the transfer, such as the probate documents.
With the aim of making the sale conveyancing more straight forward for the sale of the property you can apply to have the deceased person erased from the title register by submitting an application to HMLR with proof of the death. There is no land registry fee payable.