It is 10 years ago since I acquired my home in Deddington. Conveyancing solicitors have now been appointed on the sale but I am unable to find the title deeds. Will this cause complications?
Don’t worry too much. First there is a chance that the deeds will be retained by the lender or they could still be with the conveyancers who oversaw your purchase. Secondly in all probability the property will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors procuring current official copies of the land registers. Almost all conveyancing in Deddington relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
Is there a search tool that I can utilise to investigate if the solicitor carrying out my conveyancing in Deddington is on the bank’sconveyancing panel? I am looking to avoid the situation of having one lawyer for me and one for Britannia thus spending £175.00 in additional legal charges.
Feel free to take advantage of the find a lender approved solicitor tool on this site. Please choose the lender and type ‘Deddington’ or your location and you will discover a number of lawyer offices in Deddington or near you.
I am purchasing a property in Deddington. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Yorkshire BS be concerned?
Given that you are obtaining a mortgage with Yorkshire BS your lawyer must check the conveyancing instructions contained in Section two of UK Finance Lenders’ Handbook for Yorkshire BS. The Council of Mortgage Lenders’ Handbook includes minimum specifications for solar panel roof-space leases, and property lawyers are required to report to Yorkshire BS where a lease fails to meet these provisions. The provisions relate to the installation of panels on properties nationwide and is not restricted to Deddington.
We expect to receive a DIP from UBS this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do UBS recommend any Deddington solicitors on the UBS conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Deddington solicitors independently although you'll need to choose one on the UBS conveyancing panel. The solicitor represents both you and UBS through the process.
I can not work out if my lender requires a lease extension. I have called my Deddington building society branch on a couple of occasions and was reassured it wasn't a problem and they would lend. My Deddington conveyancing solicitor - who is on the bank conveyancing panel- telephoned and was told they refuse to lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. Who do I believe?
Your lawyer must follow the Council of Mortgage Lenders’ Handbook Part 2 specifications for your lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years remaining.
Despite weeks of looking the Title Certificate and documents to my home are lost. The conveyancers who handled the conveyancing in Deddington 5 years ago are no longer around. Will I be able to sell the house?
As long as you have a registered title the details of your proprietorship will be retained by HMLR under a Title Number. It is easy to perform a search at the Land Registry, locate your house and get up to date copies of the Registered Entries for less than a fiver. If the property is Leasehold then the Land Registry will in most cases hold a file copy of the Registered Lease and again, a copy can be retrieved for a small fee.
Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what should have been a quick, no chain conveyancing. Deddington is where the house is located. Is there any guidance you can impart?
Flying freeholds in Deddington are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Deddington you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Deddington may determine 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.
I am a negotiator for a busy estate agency in Deddington where we have experienced a number of flat sales derailed as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Deddington conveyancing solicitors. Could you shed some light as to whether the owner of a flat can initiate the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the disposal of the property.
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 purchaser.
I inherited a 2 bed flat in Deddington, conveyancing formalities finalised 10 years ago. How much will my lease extension cost? Comparable flats in Deddington with over 90 years remaining are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease ceases on 21st October 2096
With just 71 years left to run the likely cost is going to be between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.