Souldusing a Barnard Castle conveyancing practice make my purchase more efficient?
Barnard Castle is a unique place, where neighbourhood knowledge is a big bonus. The relaxed pace of life has an upside – but not for your conveyancing. The property lawyers that we recommend possess deep Barnard Castle know how with a proactive, can doapproach that helps everything runs smoothly. It will certainly help if they benefit from well established relationships with mortgage brokers, search providers, surveyors and other Barnard Castle conveyancing solicitors
4 months have elapsed following my purchase conveyancing in Barnard Castle concluded. I have checked the Land Registry site which shows that I paid £175,000 when infact I paid £170,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Barnard Castle differ for new build properties?
Most buyers of new build premises in Barnard Castle contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Barnard Castle tend to purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Barnard Castle or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on last month in what was supposed to be a straight forward, no chain conveyancing. Barnard Castle is where the house is located. Is there any advice you can impart?
Flying freeholds in Barnard Castle are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Barnard Castle you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Barnard Castle 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 premises.
How does the Landlord & Tenant Act 1954 affect my business premises in Barnard Castle and how can you help?
The particular law that you refer to gives protection to commercial lessees, granting the a statutory right to apply to court for a continuation of occupancy when the lease comes to an end. There are certain specified grounds that a landlord can refrain from granting a lease renewal and the rules are complicated. Fees are different for commercial conveyancing. Barnard Castle is one of the many locations in which our lawyers are based
I am a negotiator for a long established estate agent office in Barnard Castle where we see a few flat sales derailed as a result of leases having less than 80 years remaining. I have received inconsistent advice from local Barnard Castle conveyancing solicitors. Can you shed some light as to whether the vendor of a flat can instigate the lease extension process for the purchaser on completion of the sale?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-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 sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord 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 buyer.
I purchased a garden flat in Barnard Castle, conveyancing formalities finalised 5 years ago. How much will my lease extension cost? Comparable flats in Barnard Castle with a long lease are worth £216,000. The average or mid-range amount of ground rent is £50 per annum. The lease expires on 21st October 2094
With 70 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 plus legals.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.