Have just purchased a repossessed house at auction in Kemp Town. Conveyancing is necessary. What are my next steps?
Having exchanged you will need to retain a conveyancing practitioner as a matter of urgency as you will have a tight a fixed date to complete the deal. An auction property should have an associated auction set of papers. This will likely include evidence of title and search results. Where you are dealing with leasehold premises the auction pack should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork specific to a leasehold property. You should hand this to your appointed conveyancing solicitor ASAP. Do make sure that that you have the requisite funding in order to complete the transaction on the set completion date.
I happen to be the only recipient of my late mum's estate with all property in now in my sole name, including the my former home in Kemp Town. The Kemp Town property was put into my name in November. I want to move. I do know about the CML six month 'rule', meaning my proprietorship could be considered the same way as though I had purchased the property in November. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook obliges solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you may be affected by that. How sensible a view banks take of it, depend on the lender as this clause chiefly exists to identify subsales or the wholesaling and assigning of properties.
We have a mortgage agreed in principle with Leeds Building Society. Kemp Town conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from Leeds Building Society?
There is no definitive answer here. Have Leeds Building Society completed the survey? Have you advised Leeds Building Society as to your lawyers' details and checked that your lawyers are on the Leeds Building Society conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
Various web forums that I have frequented warn that are a common cause of obstruction in Kemp Town house deals. Is this right?
The Council of Property Search Organisations (CoPSO) released conclusions of research by MoveWithUs that conveyancing searches do not figure amongst the most frequent causes of hindrances in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Kemp Town.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Kemp Town?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Kemp Town. 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 Kemp Town differ for newly converted properties?
Most buyers of new build property in Kemp Town come to us having been asked by the builder to sign contracts and commit to the purchase even before the property is built. This is because new home sellers in Kemp Town usually buy the real estate, 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 property lawyers 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 accustomed to new build conveyancing in Kemp Town or who has acted in the same development.
As co-executor for the will of my aunt I am selling a residence in Monmouth but reside in Kemp Town. My conveyancer (who is 235 miles from merequires that I execute a stat dec prior to the transaction finalising. Could you suggest a conveyancing solicitor in Kemp Town who can witness and place their company stamp on the document?
Technically speaking you are not likely to need to have the documents attested by a conveyancing solicitor. Ordinarily any notary public or solicitor will suffice regardless of whether they are Kemp Town based
I've recently bought a leasehold house in Kemp Town. Do I have any liability for service charges relating to a period prior to my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I bought a basement flat in Kemp Town, conveyancing formalities finalised May 2010. Can you work out an approximate cost of a lease extension? Equivalent properties in Kemp Town with a long lease are worth £202,000. The ground rent is £55 invoiced every year. The lease ceases on 21st October 2081
With only 56 years left to run we estimate the premium for your lease extension to be between £29,500 and £34,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information 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. Please do not take any other action based on this information before seeking the advice of a professional.