I have given 2 months notice to my existing landlord and have to vacate my rented flat in Thrapston by the end of next month. Conveyancing on my purchase is underway. How realistic is it to complete in six weeks as I wish to avoid having to move into short term accommodation?
It is unwise to give notice for your lease unless you have exchanged. If you have not previously done so, update to your lawyer and ask them to they cajole the other side, try to a target completion date that everyone will aim to achieve
Why do I have to pay up front for my conveyancing in Thrapston?
If you are buying a property in Thrapston your lawyer will ask you put them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the conveyancing searches. If any deposit is payable against the sale price then this should be required shortly in advance of exchange of contracts. The closing balance that is due should be sent to your lawyer a few days ahead of the completion date.
I have been told that property searches are the number one reason for stalling in Thrapston conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the top 10 causes of delays during the legal transfer of property. Local searches are not likely to be the root cause of slowing down conveyancing in Thrapston.
Despite weeks of looking the Title Certificate and documents to my home can not be found. The lawyers who dealt with the conveyancing in Thrapston 5 years ago are no longer around. What are my next steps?
You no longer need to hold title original deeds to establish that you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Thrapston I like with amenity areas and railway links nearby, however it's only got 61 years on the lease. I can't really find anything else in Thrapston for this price, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a home loan that many years will be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for at least 2 years you can request that they start the process of the extension and then assign it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
What advice can you give us when it comes to finding a Thrapston conveyancing practice to carry out our lease extension conveyancing?
If you are instructing a conveyancer for your lease extension (regardless if they are a Thrapston conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of work. We suggest that you make enquires with two or three firms including non Thrapston conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then so much the better. The following questions could be useful:
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How experienced is the firm with lease extension legislation? What are the legal fees for lease extension conveyancing?
I am the registered owner of a ground floor flat in Thrapston, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Equivalent properties in Thrapston with over 90 years remaining are worth £190,000. The ground rent is £45 invoiced annually. The lease ends on 21st October 2086
You have 62 years left to run the likely cost is going to span between £17,100 and £19,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.