My relative advised me that if I am buying in Mold I should ask my conveyancer to execute a Neighbourhood, Planning and Local Amenity Search. What does it cover?
This is a search is usually included in the estimate for your Mold conveyancing searches. It is a large report of about 40 pages, listing and detailing significant information about Mold around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the demographics of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Mold Education with plans and statistics, Local Amenities and other useful data regarding Mold.
Despite weeks of looking the Title Certificate and documents to our property are lost. The lawyers who did the conveyancing in Mold 5 years ago have long since closed. What do I do?
In today’s world there are duplicates made of almost everything, and your lawyer will know precisely where to locate all the relevant documentation so you may purchase or dispose of your property without a hitch. Where duplicates can’t be located, your lawyer may be able to put in place insurance or indemnities protecting you against possible claims on the property.
I have been on the look out for a ground for flat up to £245,000 and found one round the corner in Mold I like with open areas and railway links nearby, the downside is that it only has 52 years on the lease. There is not much else in Mold for this price, so just wondered if I would be making a mistake acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least 2 years you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
Do I need to be concerned by estate agents that I am dealing with are suggesting an online conveyancing firm as opposed to a local Mold conveyancing practice?
As with many professional services, often input from relatives can be extremely useful or valuable. Nevertheless there are lots of players in a conveyancing deal; estate agents, mortgage brokers and mortgage companies may recommend conveyancers to appoint. On occasion these lawyers might be known to one of the organisations as one of the best in their field, but sometimes there behind the scenes financial incentive behind the recommendation. You are free to choose your own lawyer. Don't forget that some mortgage providers have an approved list of conveyancers you must use for the mortgage aspect of your conveyancing.
Last November I purchased a leasehold property in Mold. Do I have any liability for service charges for periods before 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 be sure 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 am the registered owner of a studio flat in Mold, conveyancing was carried out August 2005. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Mold with a long lease are worth £206,000. The ground rent is £45 per annum. The lease expires on 21st October 2090
With only 66 years unexpired we estimate the premium for your lease extension to span between £11,400 and £13,200 plus 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 comprehensive investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before seeking the advice of a professional.
I dont have enough spare funds to pay a 10% deposit on my flat purchase in Mold , but I am keen go ahead. Do I have options?
You can agree a lesser deposit. Most vendors will agree to a lower deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second