Various web forums that I have visited warn that are the main reason for obstruction in Hertford house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) published conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances during the legal transfer of property. Searches are unlikely to be the root cause of holding up conveyancing in Hertford.
Me and my brother purchased a renovated Edwardian property in Hertford. Conveyancing lawyer represented me and Britannia. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold with the matching address. Is it worth asking Britannia to clarify?
You should review the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Hertford and other locations in the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with buyers. You can also question the position with the conveyancing lawyer who conducted the purchase.
I am looking for a flat up to £305k and identified one round the corner in Hertford I like with amenity areas and transport links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Hertford in this price bracket, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will likely be an issue. Reduce the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the premises for at least twenty four months you can ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
My husband and I are first time buyers - had an offer accepted, yet the estate agent has warned us that the vendor will only proceed if we instruct the agent's chosen solicitors as they want a ‘quick sale’. My instinct tells me that we should use a family conveyancer accustomed to conveyancing in Hertford
It is unlikely the owners are behind this. If they desire ‘a quick sale', alienating a serious buyer is is going to put the whole deal at risk. Avoid the agents and go straight to the owners and make sure they comprehend that (a)you are motivated buyers (b)you are excited to move forward, with mortgage lined up © you have nothing to sell (d) you intend to proceed fast (e)but you will continue to appoint your preferred Hertford conveyancing firm - as opposed tothose that will provide the negotiator at the agency a introducer fee or meet his conveyancing thresholds pre-set by head office.
I am tempted by the attractive purchase price for a couple of flats in Hertford both have approximately 50 years remaining on the leases. should I be concerned?
A lease is a right to use the property for a period of time. As the lease gets shorter the saleability of the lease deteriorates and it becomes more costly to extend the lease. This is why it is advisable to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage lenders may be reluctant to lend money on such properties. Lease enfranchisement can be a protracted process. We advise that you get professional help from a conveyancer and surveyor with experience in this arena.
I am the registered owner of a garden flat in Hertford, conveyancing formalities finalised in 2009. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Hertford with a long lease are worth £260,000. The average or mid-range amount of ground rent is £45 invoiced every year. The lease terminates on 21st October 2099
With only 74 years remaining on your lease the likely cost is going to span between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply the actual costs without more comprehensive investigations. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information before seeking the advice of a professional.
Our mortgage broker has recommended their conveyancer for the conveyancing in Hertford - won’t it be better to just instruct them?
It is worth checking if the estate agent is recommending a conveyancer or introducing to a property lawyer. There are plenty of Hertford selling agents who recommend two or three Hertford conveyancing firms and get nothing from it.