I am need of leasehold conveyancing for an apartment in a relatively new development (five years old) in Thorpe Astley. Almost all the properties have already been disposed of. Do I need carry out the neighbourhood searches as part of conveyancing in Thorpe Astley?
You would be opening yourself up to an unnecessary risk in not carrying out Thorpe Astley conveyancing searches. Without searches you have no clarity over flooding, environmental etc which may mean you walk away due to potential problems down the line. If you are buying without a mortgage there is no legal necessity to have them, but we would strongly advise in no uncertain terms that you have them. If accelerating the process and cost are top of your concerns you should consider with your lawyer about the options such as lack of search insurance available to you
When will exchange of contracts occur in domestic conveyancing in Thorpe Astley and do I need to attend the solicitors branch?
Where you are local to our conveyancing solicitors in Thorpe Astley you are welcome to attend to sign the paperwork. However, the lender approved solicitors we work with provide a nationwide conveyancing service and give as equally detailed and professional a job for you when dealing with you by post or email. The executing of the contract is not the critical part. A signed contract is necessary for the firm to officially exchange at the suitable time, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Thorpe Astley)to be in the office at the appropriate time.
Two weeks ago we had a mortgage agreed in principle with HSBC. Thorpe Astley conveyancing practitioners were appointed. What is the average time that one could expect to receive a mortgage offer from HSBC?
Some lenders take longer than others. Have HSBC conducted the valuation? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I have today made my last payment due on my mortgage with HSBC. I assume I don't need a Thorpe Astley lawyer on the HSBC panel to remove the mortgage at the Land Registry. Please confirm.
If you have finished paying off your HSBC mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the HSBC mortgage from the register. HSBC, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where HSBC has sent the Land Registry the discharge electronically, and
- HSBC has instructed the Land Registry to do so
Completion of my purchase has taken place for my property in Thorpe Astley. Conveyancing was satisfactory but I would like to complain about the lender. How does one go about formally complaining?
Almost all lenders have complaints procedures. Your first point of contact should be one of the lender’s branches or the Customer Care Department at head office. We understand that complaints to a lender are sorted out very quickly. If you feel the matter is not resolved you can write to Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR who will take matters further.
Will our conveyancer be raising enquiries concerning flooding during the conveyancing in Thorpe Astley.
Flooding is a growing risk for conveyancers dealing with homes in Thorpe Astley. Plenty of people will purchase a house in Thorpe Astley, fully aware that at some time, it may suffer from flooding. However, aside from the physical destruction, if a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Lawyers are not qualified to give advice on flood risk, however there are a various checks that can be initiated by the purchaser or by their lawyers which can figure out the risks in Thorpe Astley. The standard completed inquiry forms given to a buyer’s conveyancer (where the Conveyancing Protocol is adopted) contains a standard inquiry of the owner to determine if the property has suffered from flooding. If the residence has been flooded in past which is not revealed by the owner, then a purchaser may commence a legal claim for losses stemming from an misleading response. The purchaser’s conveyancers should also commission an enviro search. This should reveal whether there is a recorded flood risk. If so, additional inquiries will need to be made.
Over the last few months I have been searching for a leasehold apartment up to £235,500 and identified one round the corner in Thorpe Astley I like with amenity areas and station in the vicinity, the downside is that it only has 52 years on the lease. There is not much else in Thorpe Astley for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the remaining unexpired lease term will be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the current proprietor has owned the premises for a minimum of 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 solicitor regarding this.
Having checked my lease I have discovered that there are only 68 years remaining on my lease in Thorpe Astley. I need to get lease extension but my freeholder is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. However, you will be required to prove that you have used your best endeavours to track down the freeholder. In some cases a specialist would be helpful to conduct investigations and prepare an expert document which can be accepted by the court as evidence that the freeholder can not be located. It is wise to seek advice from a solicitor in relation to devolving into the landlord’s absence and the application to the County Court overseeing Thorpe Astley.
I am the registered owner of a basement flat in Thorpe Astley, conveyancing having been completed 4 years ago. How much will my lease extension cost? Similar flats in Thorpe Astley with an extended lease are worth £221,000. The ground rent is £50 yearly. The lease runs out on 21st October 2095
With 70 years remaining on your lease the likely cost is going to range between £9,500 and £11,000 plus costs.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.