AssumingI were to purchase a simple residential homein Thrapston mortgage fee and have no survey and no conveyancing searches how much would I expect to to save on my conveyancing in Thrapston?
Any savings you would gain would be isolated to the disbursement for searches. A property lawyer still be obliged to do everything else - money laundering, communicating with your sellers conveyancing practitioner, stamp duty submission, register the title etc. You might save a bit for them not having to register a mortgage however it will not be meaningful.
It is a dozen years since I purchased my property in Thrapston. Conveyancing solicitors have now been instructed on the sale but I can't find the title documents. Will this cause complications?
You need not be too concerned. First there is a possibility that the deeds will be kept by your lender or they could stored with the lawyers who handled your purchase. Secondly in most cases the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining up to date copy of the land registers. Almost all conveyancing in Thrapston relates to registered property but in the unlikely event that your property is not registered it adds to the complexity but is resolvable.
The Thrapston conveyancing lawyers that just started acting on my house acquisition in Thrapston have without warning shut down. I only went with them because I had to have a firm on the UBS conveyancing panel and my family Thrapston lawyer was not. I wrote them a cheque for two hundred pounds in advance. What do I do now?
If you have an estate agent involved then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You will need to appoint new lawyers that are on the UBS conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new lawyers may be able to help.
Me and my brother own a terraced Georgian house in Thrapston. Conveyancing solicitor represented me and Birmingham Midshires. I happened to do a free search for it on the Land Registry database and there are a couple of entries: the first freehold, the second leasehold with the exact same property. I thought I was buying a freehold how can I check?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Thrapston and other areas of the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the situation with your conveyancing lawyer who carried out the work.
I am buying my first flat in Thrapston with the aid of help to buy. The builders would not budge the amount so I negotiated five thousand pounds worth of extras instead. The house builders rep suggested that I not reveal to my lawyer about this extras as it could put at risk my loan with Chelsea Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
I am attracted to a two maisonettes in Thrapston both have about fifty years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Thrapston is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the value of the premises. The majority of purchasers and banks, leases with under 75 years become less and less marketable. On a more upbeat 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 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 Thrapston 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 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 inherited a 1 bedroom flat in Thrapston, conveyancing formalities finalised 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Thrapston with an extended lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease expires on 21st October 2094
With only 70 years unexpired we estimate the price of your lease extension to span between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before getting professional advice.