I have recentlydiscovered that Wolstenholmes have been shut down. They conducted my conveyancing in Axminster for a purchase of a leasehold flat 10 months ago. How can I establish that my home is not still registered in the name of the previous owner?
The easiest method to see if the property is in your name, you can make a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Axminster conveyancing specialists.
Over the last few months I have been searching for a ground for flat up to £195,000 and identified one close by in Axminster I like with a park and railway links nearby, however it only has 52 remaining years left on the lease. I can't really find anything else in Axminster for this price, so just wondered if I would be making a mistake purchasing a short lease?
If you need a home loan that many years will likely be a potential deal breaker. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least 2 years you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the existing lease term and have £0 ground rent by law. You should consult your conveyancing lawyer regarding this matter.
I am looking into buying my first house which is in Axminster and I am already nervous. I couldn't find anything specific about Axminster. Conveyancing will be needed in due course but do you know about the Axminster area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Axminster. In the meantime here are some basic statistics that we found
My father-in-law has recommend that I appoint his lawyers for conveyancing in Axminster. Should I choose my own solicitor?
There are no two ways about it the ideal way to choose a conveyancing practitioner is to get referrals from friends or family who have actually previously instructed the conveyancer that you are are thinking of instructing.
I am looking at a couple of apartments in Axminster which have in the region of fifty years left on the lease term. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Axminster is a wasting asset as a result of the shortening lease. The nearer the lease gets to its expiry date, the more it reduces the marketability of the premises. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive 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 a property 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 Axminster 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
I invested in buying a 1 bedroom flat in Axminster, conveyancing having been completed July 1996. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Axminster with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 levied per year. The lease ends on 21st October 2075
With just 51 years unexpired we estimate the price of your lease extension to span between £30,400 and £35,200 plus legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.
At what stage do I cover the costs of stamp duty due for my Axminster house purchase?
The solicitor should complete a stamp duty return on your behalf during your Axminster conveyancing transaction for signature. After completion your conveyancing practitioner will submit the STL application to the Tax Authorities and - as long as they have the money - discharge any Stamp Duty liability on your behalf.