IfI was to buy a straightforward homein Torrington for cash and dispense with a survey and no local authority searches how much could I expect to have to pay for conveyancing in Torrington?
The only reduction in fees you would make on is the Torrington conveyancing searches. The conveyancing practitioner is required to do the vast majority of work - money laundering, communicating with your sellers solicitor, stamp duty return, register the title etc. A slight saving might be made by not having to register a charge however it won't be significant.
Is there a reason why leasehold purchase conveyancing in Torrington is more expensive?
Torrington leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Me and my brother have a semi-detached Edwardian property in Torrington. Conveyancing lawyer acted for me and National Westminster Bank. I did a free Land Registry search last week and there are two entries: one for freehold, another for leasehold under the exact same address. If a house is not a freehold shouldn't I have been informed?
You should read 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 Torrington and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also check the situation with your conveyancing practitioner who conducted the conveyancing.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on a fortnight ago in what was supposed to be a quick, chain free conveyancing. Torrington is where the house is located. Can you shed any light on this issue?
Flying freeholds in Torrington are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Torrington you must be sure that your lawyer goes through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Torrington may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
As co-executor for the estate of my uncle I am disposing of a residence in Monmouth but live in Torrington. My conveyancer (who is 260 miles awayhas requested that I sign a statutory declaration prior to completion. Can you recommend a conveyancing lawyer in Torrington to attest and place their company stamp on the document?
Technically speaking you should not be required to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are Torrington based
Last April I purchased a leasehold property in Torrington. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I own a ground floor flat in Torrington, conveyancing having been completed half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Torrington with a long lease are worth £190,000. The ground rent is £45 yearly. The lease expires on 21st October 2087
You have 62 years unexpired the likely cost is going to be between £17,100 and £19,800 plus costs.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.