I own a semi-detached Edwardian house in Wolvey. Conveyancing practitioner acted for me and Platform Home Loans Ltd. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, the second leasehold with the exact same address. Is it worth asking Platform Home Loans Ltd to clarify?
You should review 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 owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Wolvey 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 purchasers. You can also check the situation with the conveyancing practitioner who completed the work.
I'm buying a new build house in Wolvey with a mortgage from Nationwide Building Society. The sellers would not reduce the price so I negotiated £7000 of fixtures and fittings instead. The estate agent advised me not reveal to my lawyer about this extras as it could affect my loan with the lender. Is this normal?.
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've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a quick, no chain conveyancing. Wolvey is the location of the property. Can you offer any assistance?
Flying freeholds in Wolvey are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Wolvey you would need to get your solicitor to go 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 Wolvey may determine 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 premises.
Taking into account that I will soon part with £400,000 on a house in Wolvey I would like to have a conversation with the solicitor regarding thetransaction before instructing the firm. Is this something that you can arrange?
We could not agree more - it is our preference to talk to you we do not take any clients on without you liaising with the solicitor who will be doing your property ownership legalities in Wolvey.There is no ‘factory style conveyancing’ - each client is an important individual, not a matter number. The solicitors that we put you in touch with believe that the figure you are calculated and presented to you for residential conveyancing in Wolvey should be the figure that you end up paying.
I am using a search engine for the term cheap conveyancing in Wolvey it shows results of many conveyancerslocally. How do I determine which is the right conveyancing solicitor for me?
The ideal way of choosing a suitable conveyancer is via personal testimonial, so ask friends and those you trust who have acquired a property in Wolvey or the respected estate agent or financial adviser. Costs for conveyancing in Wolvey differ, so it's sensible to obtain a minimum of three quotes from different solicitors. Make sure that you clarify that the fees are fixed.
I am employed by a long established estate agent office in Wolvey where we have experienced a few leasehold sales jeopardised as a result of short leases. I have received inconsistent advice from local Wolvey conveyancing firms. Could you confirm whether the owner of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I acquired a 1 bedroom flat in Wolvey, conveyancing formalities finalised 8 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Wolvey with an extended lease are worth £202,000. The ground rent is £55 invoiced annually. The lease runs out on 21st October 2081
With just 56 years unexpired we estimate the premium for your lease extension to range between £29,500 and £34,000 as well as legals.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.