At what point can the exchange of contracts take place for domestic conveyancing in Bordon and do I need to be at the lawyers branch?
If you are round the corner to our conveyancing solicitors in Bordon you are welcome to come in to sign documents. However, the firms we work with offer countrywide coverage for conveyancing and provide as equally comprehensive and professional a job for you when communicating with you digitally. The executing of the sale agreement is not when everything is set in stone. A signed contract is necessary for the solicitor to officially exchange at the appropriate time, which is ordinarily shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Bordon)to be in the office at the appropriate time.
I have been told that property searches are the primary reason for stalling in Bordon conveyancing transactions. Is that correct?
The Council of Property Search Organisations (CoPSO) published findings of a review by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays during the legal transfer of property. Searches are not likely to feature in any holding up conveyancing in Bordon.
My wife and I purchased a 4 bedroom Georgian house in Bordon. Conveyancing lawyer acted for me and Godiva Mortgages Ltd. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold with the matching address. Is it worth asking Godiva Mortgages Ltd to clarify?
You should assess the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bordon 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 mortgage companies. You can also question the position with your conveyancing lawyer who conducted the conveyancing.
I opted to have a survey carried out on a house in Bordon prior to retaining solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some banks may not grant a mortgage on a flying freehold premises.
It depends who your proposed lender is. Lloyds has different requirements from Halifax. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bordon. Conveyancing may be slightly more expensive based on your lender's requirements.
I am in need of some leasehold conveyancing in Bordon. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Bordon - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Leasehold Conveyancing in Bordon - Sample of Queries Prior to Purchasing
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Best to be warned whether window replacement or some other significant cost is pending to be shared between the leasehold owners and may well materially impact the level of the service costs or necessitate a one time payment. Is anyone aware of any major works anticipated that will add a premium to the service costs? On the whole the outlay for major works are not included within service charges, although there some managing agents in Bordon require tenants to pay into a sinking fund and this is used to offset against larger repairs or maintenance.
We own a leasehold flat in Bordon. Conveyancing was finished in 2011. I have heard that I mustn’t allow the lease length get too short. What is the reasoning?
Bordon domestic long term leases are for a set period - usually ninety nine years when they started. However a significant flats in Bordon were built or converted 35 or more years ago and so such leases now have fewer than 80 years unexpired. This may sound like plenty of time but Banks, Building Societies and other mortgage companies on the whole require leases to have at least 75 years unexpired to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing seventy five years. To increase your property value you should be thinking about whether to extend your lease long before you come to sell it. Please note that there are strong financial reasons to taking action before the lease reaches even 80 years as when the lease is less than eighty years the amount to be paid to extend starts to get a lot more expensive.