The deeds to our house are lost. The solicitors who did the conveyancing in Thatcham 4 years ago are no longer around. What are my next steps?
As long as the title is registered the information relating to your ownership will be held by the Land Registry under a Title Number. It is easy to conduct a search at the Land Registry, identify your house and obtain current copies of the property title for less than a fiver. Where 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 retrieved for £20 inclusive of VAT.
I've recently found out that there is a flying freehold element on a house I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Thatcham is the location of the property. Can you shed any light on this issue?
Flying freeholds in Thatcham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Thatcham 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 Thatcham may ascertain 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.
Am I right to be concerned by brokers that I am dealing with are recommending a nationwide conveyancing firm rather than a local Thatcham conveyancing firm?
As with lots of service providers, often recommendations from family and friends can be most helpful. Yet there are lots of players in a conveyancing transaction; estate agents, financial adviser and lenders may recommend conveyancers to instruct. Sometimes the solicitors might be known to one of the organisations as one of the best in their field, but sometimes there might be a financial incentive behind the recommendation. You are at liberty to choose your own lawyer. Don't forget that most mortgage providers operate an approved list of law firms you have to use for the mortgage aspect of your transaction.
My step-father has encouraged me to use his conveyancing solicitors in Thatcham. Do I take his advice?
Much as we are happy to recommend a Thatcham conveyancing lawyer the best way to select a conveyancing lawyer is to get feedback from friends or family who have actually experience in using the firm that you are considering.
I am attracted to a two maisonettes in Thatcham both have approximately 50 years remaining on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Thatcham is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Thatcham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I am the registered owner of a studio flat in Thatcham, conveyancing having been completed 7 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding properties in Thatcham with over 90 years remaining are worth £181,000. The average or mid-range amount of ground rent is £55 yearly. The lease expires on 21st October 2077
With just 51 years left to run the likely cost is going to range between £30,400 and £35,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be additional concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
As a leasehold owner I am on the hook for a maintenance contribution for my appartment in Thatcham. As a result of personal circumstances I fell into arrears with payments. I negotiated a settlement plan but there remains two remaining to be paid.
I now wish to dispose of the property and I am panicking this could jeopardize the sale if I have to settle the arrears first. I'd like to sell up and then discharge the debt from the completion monies - is this practicable?
The conveyancing practitioner handing your Thatcham sale should be able to negotiate with the appropriate parties, with a new to seeing if they would accept payment out of the sale proceeds. This is an example of why it is advisable to choose a lawyer in Thatcham as they may well have an established relationship with the management company.