The Billesdon conveyancing firm that I recently instructed on my purchase in Billesdon have without warning shut down. I only went with them because I had to have a solicitor on the Co-operative conveyancing panel and my family Billesdon lawyer was not. I sent them a cheque for two hundred pounds in advance. What should be my next steps?
Assuming that you have an Estate Agent in the equation then let them know immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Hopefully they will be sympathetic and urge their lawyer to send a new set of papers to your new solicitors. You should appoint new lawyers that are on the Co-operative conveyancing panel and notify the lender. If you have paid over any money, it will hopefully be held by the SRA as money in an intervened firm's bank accounts is transferred to the SRA. Then, the SRA or the intervention agent looks at the intervened firm's accounts to work out who the money belongs to. To claim your money you will need to contact the SRA. If the SRA cannot return money you are owed from the firm's bank accounts, or if they can only return part of the money, you can apply to the Compensation Fund for a grant. Your new solicitors may be able to help.
I have a semi-detached Victorian property in Billesdon. Conveyancing solicitor acted for me and Bank of Ireland. I happened to do a free search for it on the Land Registry database and there are two entries: the first freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You should review 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 proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Billesdon and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with lenders. You can also question the situation with your conveyancing lawyer who carried out the work.
I decided to have a survey completed on a property in Billesdon in advance of appointing conveyancers. I have been told that there is a flying freehold aspect to the house. The surveyor has said that some mortgage companies tend not grant a mortgage on a flying freehold premises.
It varies from the lender to lender. Santander has different requirements for example to Birmingham Midshires. If you contact us we can check with the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Billesdon. Conveyancing may be slightly more expensive based on your lender's requirements.
How difficult is it to swap solicitor as I have to choose a firm on the Godiva Mortgages Ltd conveyancing panel. I was using a family conveyancing solicitor in Billesdon round the corner but she is not accepted by Godiva Mortgages Ltd
We will our best to assist in finding you a conveyancing solicitor in Billesdon on the Godiva Mortgages Ltd panel. Please note that the property lawyers that we work with do not pay us commission if you instruct them and are regulated by the Solicitors Regulation Authority who regulate all conveyancing solicitors in Billesdon. In utilising search facility on this page, you can scrutinise charges for conveyancing solicitors in Billesdon and beyond.
I am attracted to a two apartments in Billesdon both have in the region of 50 years remaining on the lease term. should I be concerned?
There are no two ways about it. A leasehold apartment in Billesdon is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it reduces the marketability of the property. The majority of buyers and mortgage companies, leases with less than eighty 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 a residence 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 Billesdon 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.
Billesdon Conveyancing for Leasehold Flats - Sample of Questions you should consider before Purchasing
It would be sensible to find out as much as possible regarding the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often in the clutches of the managing agents both financially and when it comes to day to day matters such as the upkeep of the common parts. You should not be afraid to ask other people if they are happy with them. Finally, be sure you know the dates that you are obliged pay the maintenance charge to the relevant party and precisely what you get for your money. Best to be warned if a new roof is being installed or some other major work is pending that will be shared between the leasehold owners and could well materially impact the level of the maintenance costs or result in a specific payment. Please note if it is less than 80 years it will have adverse implications on the salability of the apartment. Check with your bank that they are content with remaining years on the lease. Leases with fewer than 80 years remaining means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering what this would cost. Remember, in most cases you will need to own the residence for two years before you are eligible to extend the lease.
Is there a difference between surveying and conveyancing in Billesdon?
Conveyancing - in Billesdon or anywhere in England and Wales - is the process of legally transferring legal title of property from one person to another. It therefore includes the checking of the title. Whether buying or selling, you should be aware of anything affecting the property such as proposals by government departments, illegal buildings, or outstanding rates. The conveyancer should conduct the appropriate searches and inquiries on the property. Surveying relates to the structure of a property itself. A surveyor will look at a house, flat and any outbuildings you are buying and will help you find out about the condition of the building and, if there are problems, give you a powerful reason for reducing the price down or asking the seller to remedy the problems before you move in.