I am selling our home in Underwood and according to the buyers it appears that there is a risk of it being constructed land that was not decontaminated. A high street Underwood conveyancer would know this is not the case. For the life of me I don't know why the buyers instructed an internet conveyancing outfit as opposed to a conveyancing solicitor in Underwood. Having lived in Underwood for 5 years we know of no issue. Is it a good idea to get in touch with our local Authority to seek clarification that there is no issue.
It sounds as though you may have a conveyancing firm already. What do they say? You should check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same illness)
My wife and I purchased a semi-detached Edwardian property in Underwood. Conveyancing practitioner acted for me and Britannia. I happened to do a free search for it on the Land Registry database and there are two entries: one for freehold, the second leasehold under the matching property. If a house is not a freehold shouldn't I have been informed?
You need to read 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 Underwood and other locations in 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 mortgage companies. You can also enquire as to the position with your conveyancing lawyer who completed the work.
I am looking for a leasehold apartment up to £245,000 and found one near me in Underwood I like with amenity areas and station nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Underwood in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the shortness of the lease may be problematic. Discount the price by the expected lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least twenty four months you may request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
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I am tempted by the attractive purchase price for a two flats in Underwood which have about fifty years unexpired on the leases. Do I need to be concerned?
There is no doubt about it. A leasehold flat in Underwood is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the salability of the property. The majority of purchasers and banks, leases with less than 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 property 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 premises 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 Underwood 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed 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.
Underwood Leasehold Conveyancing - Examples of Questions you should ask Prior to buying
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Does the lease have onerous restrictions? The best form of lease structure is if the freehold reversion is owned by the leaseholders. In this situation the lessees benefit from being in charge if their destiny and although a managing agent is frequently retained if it is larger than a house conversion, the managing agent acts for the leaseholders themselves. Where a Underwood lease has no more than eighty years it will have adverse implications on the marketability of the flat. Check with your mortgage company that they are happy with residual term of the lease. Leases with fewer than 80 years remaining means that you will most likely have to extend the lease sooner rather than later and it is worth finding out what this will be. Remember, in most cases you will need to own the residence for 24 months in order to be entitled to exercise a lease extension.
I am purchasing a flat mortgage free. I have provided lawyer with 2 separate forms of photographic identification, bank statement, multiple utility bills. Now he wants a copy from a probate lawyer acknowledging that the funds are in place and that it has come from inheritance and not selling fake watches.
In today’s world you will not be able to complete any Underwood conveyancing transaction without first providing evidence of your identity to your lawyers. This usually takes the form of a either your passport or driving licence and a utility bill. Remember if you are providing your driving licence as evidence of ID it must be both the paper part and photo card part, one is not acceptable without the other. Evidence of your source of funds is required under Money Laundering laws.