My solicitor has informed me that missing deeds insurance is necessary on my purchase. What is the typical level of cover needed for conveyancing in Tilehurst?
The right level of missing deeds indemnity insurance depends on who your lender is. It would differ for example between HSBC Bank and Norwich and Peterborough Building Society. Conveyancing solicitors as opposed to borrowers take out such policies.
I am the only recipient of my late father’s estate and I have everything in my name alone, including the house in Tilehurst. Conveyancing formalities meant that the Land Registry date was in March. I want to move. I understand that there is a CML six month 'rule', which means that my property ownership may be regarded the same way as though I had purchased the house in March. Do I have to wait half a year to sell?
The Council of Mortgage Lenders’ handbook requires conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. Most lenders would take a sensible view as this clause principally exists to identify the purchase and immediately sell or the wholesaling and assigning of property.
Are all Tilehurst Conveyancing Quality Solicitors on the Nationwide conveyancing list of approved firms?
It is true that some lenders now use the accreditation scheme as the starting point for Panel membership such as HSBC and Santander. CQS membership however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for solicitors wishing to join their panels.
My wife and I have a 4 bedroom Victorian property in Tilehurst. Conveyancing solicitor represented me and Lloyds TSB Bank. I did a free Land Registry search last week and I saw a couple of entries: the first freehold, another for leasehold with the matching address. I'd like to know for sure, how can I find out??
You should assess 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 Tilehurst and other locations in 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 buyers. You can also question the situation with the conveyancing solicitor who conducted the purchase.
I am looking for a flat up to £195,000 and found one close by in Tilehurst I like with amenity areas and transport links nearby, the downside is that it's only got 49 remaining years left on the lease. I can't really find anything else in Tilehurst for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a mortgage the shortness of the lease will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
Am I right to be suspicious that estate agents that I am dealing with are suggesting an internet conveyancing firm as opposed to a local Tilehurst conveyancing firm?
As is the case with many professional services, often suggestions from family and friends can be extremely useful or valuable. Yet there are many players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies may suggest lawyers to select. On occasion these conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there may be a financial incentive behind the endorsement. You are free to choose your own lawyer. Don't forget that some lenders specify a panel list of solicitors you are obliged to use for the lender related work in your transaction.
I need to retain a conveyancing solicitor for freehold conveyancing in Tilehurst. I've land on a site which looks to be the ideal solution If there is a chance to get all this stuff completed via web that would be ideal. Should I be wary? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I have just appointed agents to market my ground floor flat in Tilehurst. Conveyancing has not commenced, however I have recently received a quarterly service charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the service charge as you normally would as all ground rent and maintenance charges will be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I acquired a 1 bedroom flat in Tilehurst, conveyancing having been completed in 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Tilehurst with a long lease are worth £190,000. The ground rent is £65 charged once a year. The lease terminates on 21st October 2086
With just 61 years left to run we estimate the premium for your lease extension to be between £19,000 and £22,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure 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 additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information before getting professional advice.