We are selling our home in Thornaby and according to the buyers it appears that there is a possibility that the property was constructed land that was not decontaminated. Any local conveyancer would know that there is no such problem. It does beg the question why the purchasers used an online conveyancing practice as opposed to a conveyancing solicitor in Thornaby. Having lived in Thornaby for 5 years we know that this is a non issue. Do we get in touch with our local Authority to obtain clarification that there is no issue.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same illness)
Despite weeks of looking the Title Certificate and documents to our property can not be found. The lawyers who handled the conveyancing in Thornaby 5 years ago have long since closed. Will I be able to sell the house?
Nowadays there are duplicates made of almost everything, and your conveyancer will be aware exactly where to find all the relevant documentation so you may buy or dispose of your property without a hitch. Where duplicates are not available, your conveyancer may be able to arrange cover in the form of insurance or indemnities against possible claims on the property.
The estate agent has sent us the confirmation of our purchase of a new build flat in Thornaby. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a selection of leasehold new build questions that you can expect your new-build leasehold conveyancing in Thornaby
-
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision.
Over the last few months I have been searching for a ground for flat up to £305k and identified one round the corner in Thornaby I like with a park and railway links nearby, however it only has 61 remaining years left on the lease. There is not much else in Thornaby for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a mortgage the shortness of the lease will likely be an issue. Discount the price by the anticipated lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this matter.
I am attracted to a couple of apartments in Thornaby both have approximately fifty years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Thornaby is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and banks, leases with under eighty years become less and less marketable. 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 property 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 property 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 Thornaby 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
Thornaby Leasehold Conveyancing - A selection of Queries before buying
-
You should be aware that where the lease has less than 80 years it will impact the salability of the property. It is worth checking with your bank that they are willing to to proceed given the lease term. A short lease means that you will probably have to extend the lease at some point and it is worth discovering how much this would cost. Remember, in most cases you would need to own the premises for two years before you are eligible to exercise a lease extension. The answer will be important as a) areas may result in problems for the block as the communal areas may start to deteriorate if services are not paid for b) if the leaseholders have a dispute with the managing agents you will need to know about it How many of the leaseholders are in arrears for their service charge payments?
20 days into buying a house in Thornaby. Conveyancing lawyer has called to say the title is "Leasehold". Will this likely impact the salability of the house?
Thornaby conveyancing does not in most situations involve leasehold houses. The key factor here is the remaining lease term and the ground rent. If there are over a hundred years remaining with a nominal rent, it's essentially freehold, so it’s unlikely to affect the value significantly.
At the other extreme, if it's, say, Sixty years it will have a material impact on the saleability, and probably wouldn't be acceptable to the mortgage company. The length of lease and ground rent will be set out in the lease provided to your lawyer.