It is is a decade since I purchased my home in Dronfield. Conveyancing solicitors have now been retained on the sale but I am unable to locate my title documents. Is this a major issue?
You need not be too concerned. Firstly the deeds may be retained by your mortgage company or they may stored with the solicitor who acted in the purchase. Secondly the chances are that the title will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining up to date copy of the land registers. The vast majority of conveyancing in Dronfield involves registered property but in the rare situation where your property is unregistered it is more problematic but is resolvable.
The Dronfield conveyancing firm that just started acting on my purchase in Dronfield have without warning closed. They were on acting for me because I needed a solicitor on the TSB conveyancing panel and my preferred Dronfield lawyer was not. I gave my credit card details for them to take £195 for searches. What are my options?
Assuming that you have an Estate Agent in the equation then inform them immediately so that they advise the vendors that there may be a slight delay due to the problems encountered. Most sellers would 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 TSB 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 lawyers should be in a position to help.
Are there restrictive covenants that are commonly picked up during conveyancing in Dronfield?
Restrictive covenants can be picked up when reviewing land registry title as part of the process of conveyancing in Dronfield. 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…’
How does conveyancing in Dronfield differ for new build properties?
Most buyers of new build residence in Dronfield approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is finished. This is because house builders in Dronfield usually buy the site, 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 conveyancers 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 Dronfield or who has acted in the same development.
I am looking at a couple of flats in Dronfield which have in the region of fifty years left on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Dronfield is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with under 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 property 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 Dronfield 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.
Dronfield Leasehold Conveyancing - Examples of Questions you should ask before Purchasing
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The prefered form of lease arrangement is where the freehold interest is owned by the leaseholders. In this situation the leaseholders benefit from control and even though a managing agent is usually retained where it is bigger than a house conversion, the managing agent employed by the leaseholders. On the whole the outlay for major works are not built into the service charges, although there some managing agents in Dronfield obliged leaseholders to contribute towards a sinking fund created for the specific purpose of establishing a fund for major works. Who takes responsibility for maintaining and repairing the building?
If instructed can a conveyancer remove a person from the title of my property in Dronfield ?
Removing or adding someone to the title of your property is relatively straightforward. You’ll need to appoint a conveyancer to discuss your legal rights before you can proceed with a transfer of property. Contact us to book a free consultation with one a conveyancing practitioner