What does a local search reveal concerning the house my wife and I buying in Guildford?
Guildford conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search company such as Xpress Legal The local search plays a central role in most Guildford conveyancing purchase; as long as you don’t want any unpleasant surprises after you move into your property. The search will supply information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 subject sections.
The deeds to our home are lost. The lawyers who dealt with the conveyancing in Guildford 5 years ago no longer exist. What are my options?
In today’s world there are copies made of almost everything, and your solicitor should be aware exactly where to look for all the appropriate documentation so you can purchase or sell your house without any difficulty. Where copies are not available, your conveyancer can put in place insurance or indemnities against future claims on the premises.
I'm buying my first flat in Guildford with a mortgage from Halifax. The sellers would not reduce the amount so I negotiated 6k of fixtures and fittings instead. The property agent told me not reveal to my conveyancer about this side-deal as it may put at risk my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Yesterday I discovered that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a quick, chain free conveyancing. Guildford is where the house is located. Can you shed any light on this issue?
Flying freeholds in Guildford are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Guildford you would need to get your solicitor to go through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Guildford 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 property.
I am attracted to a couple of apartments in Guildford both have in the region of forty five years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold apartment in Guildford is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it reduces the salability 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 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 Guildford 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.
I invested in buying a garden flat in Guildford, conveyancing was carried out February 2006. Can you work out an approximate cost of a lease extension? Comparable flats in Guildford with an extended lease are worth £181,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease comes to an end on 21st October 2075
With only 51 years unexpired we estimate the price of your lease extension to be between £30,400 and £35,200 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Do online conveyancing organisations do everything a high street Guildford solicitor does or must I employ a solicitor for the final stages for my conveyancing in Guildford?
Where you use an online conveyancer they should undertake all the work your Guildford conveyancer will cover.