Finally the sale completed on my house in Bishops Lydeard last August yet the purchaser is calling daily to say their lawyer is waiting to hear from mylawyer. What should my lawyer have done now that I have sold?
After completion of your disposal your lawyer should forward the transfer deeds and all supplemental paperwork to the buyer’s solicitors. Depending on the transaction, your lawyer must also send confirmation that the legal charge in favour of the lender has been repaid to the purchasers conveyancers. There is unlikely to be post completion requirements just for conveyancing in Bishops Lydeard.
My uncle passed away six months ago and as sole heir and executor I was left the house in Bishops Lydeard. The house had a relatively small loan left on it of around £4500. I want to transfer the title deeds into my name whilst I re-mortgage to Coventry BS, pay off the mortgage. Is this allowed?
If you intend to refinance then Coventry BS will insist on your using a conveyancer on the Coventry BS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your Coventry BS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the Coventry BS mortgage is registered as a charge at the Land Registry.
I require fast conveyancing in Bishops Lydeard as I am faced with a deadline to complete in less than 2 weeks. Fortunately I do not require a mortgage. Can I escape the need for conveyancing searches to save money and time?
As you are are a cash buyer you are at free not to do searches although no law firm would suggest that you don't. With plenty of history conveyancing in Bishops Lydeard the following are examples of what can be revealed and therefore affect future mortgageability: Refused Planning Applications, Overdue Fees, Outstanding Grants, Unadopted Roads,...
Are there restrictive covenants that are commonly picked up as part of conveyancing in Bishops Lydeard?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the legal transfer of property in Bishops Lydeard. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
Over the last few months I have been searching for a leasehold apartment up to £245,000 and found one near me in Bishops Lydeard I like with a park and station in the vicinity, the downside is that it's only got 61 years on the lease. There is not much else in Bishops Lydeard suitable, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you require a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for at least 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
I have just started marketing my ground floor flat in Bishops Lydeard. Conveyancing lawyers have not yet been instructed, however I have just had a half-yearly maintenance charge demand – what should I do?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal because all ground rent and maintenance charges will be allotted on completion, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most managing agents will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. Having a clear account will assist your cause and will leave you no worse off financially.
I purchased a 2 bed flat in Bishops Lydeard, conveyancing formalities finalised in 1999. Can you work out an approximate cost of a lease extension? Corresponding flats in Bishops Lydeard with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £65 levied per year. The lease ends on 21st October 2085
You have 61 years remaining on your lease we estimate the premium for your lease extension to be between £18,100 and £20,800 plus plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns 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 based on this information before seeking the advice of a professional.