We're in Theale, FTBs purchasing with a mortgage (lender is Principality , and our solicitor is on the Principality conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Principality conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no property lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
Various web forums that I have visited warn that are the main reason for obstruction in Theale conveyancing transactions. Is this right?
The Council of Property Search Organisations (CoPSO) published findings of research by MoveWithUs that conveyancing searches do not feature amongst the common causes of hindrances in the conveyancing process. Local searches are unlikely to feature in any slowing down conveyancing in Theale.
I purchased a 4 bedroom Victorian house in Theale. Conveyancing lawyer acted for me and Nottingham Building Society. I happened to do a free search for it on the Land Registry database and I saw two entries: the first freehold, another for leasehold under the matching address. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Theale and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with the conveyancing practitioner who conducted the conveyancing.
I've recently found out that there is a flying freehold element on a property I have offered on two weeks back in what should have been a simple, chain free conveyancing. Theale is where the house is located. Can you shed any light on this issue?
Flying freeholds in Theale are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Theale you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Theale may decide 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 property.
Do you have any advice for leasehold conveyancing in Theale with the aim of expediting the sale process?
- Much of the delay in leasehold conveyancing in Theale can be bypassed if you instruct lawyers the minute you market your property and ask them to collate the leasehold documentation needed by the buyers’ representatives. The majority of landlords or Management Companies in Theale levy fees for supplying management packs for a leasehold premises. You or your lawyers should find out the fee that they propose to charge. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most common reason for delay in leasehold conveyancing in Theale. If there is a history of any disputes with your landlord or managing agents it is very important that these are settled before the property is marketed. The buyers and their solicitors will be concerned about purchasing a flat where a dispute is unresolved. You may have to bite the bullet and pay any arrears of service charge or settle the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You are still duty bound to disclose details of the dispute to the buyers, but it is better to reveal the dispute as historic as opposed to unsettled. If you hold a share in a the freehold, you should ensure that you have the original share document. Organising a re-issued share certificate can be a time consuming process and delays many a Theale home move. If a duplicate share is needed, you should approach the company director and secretary or managing agents (where relevant) for this sooner rather than later. You may think that you are aware of the number of years left on your lease but you should double-check via your conveyancers. A buyer’s conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is under 75 years. It is therefore important at an as soon as possible that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I own a split level flat in Theale, conveyancing formalities finalised 8 years ago. Can you please calculate a probable premium for a statutory lease extension? Similar flats in Theale with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 per annum. The lease ends on 21st October 2096
With just 70 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 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 in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.
I need to swap lawyers as my Theale lawyer is not on the lender's approved list of conveyancing solicitors. How simple is it to change conveyancer?
In the event that you have not formally instructed a solicitor to do anything for you and at this stage simply received an estimate as to costs, you're perfectly free to choose a different solicitor to carry out your work for you. The best way is to get recommendations from friends or family who have actually used the solicitor or conveyancer in Theale that you're considering.