It is is a decade since I purchased my property in Milnthorpe. Conveyancing lawyers have recently been retained on the sale but I am unable to find my title deeds. Is this a problem?
Don’t worry too much. First there is a possibility that the deeds will be kept by the lender or they could be in the possession of the conveyancers who oversaw the purchase. Secondly the chances are that the title will be recorded at the land registry and you will be able to prove you are the registered owner by your conveyancing solicitors acquiring up to date copy of the land registers. Most conveyancing in Milnthorpe relates to registered property but in the rare situation where your home is unregistered it adds to the complexity but is not insurmountable.
The estate agent has sent us the confirmation of our purchase of a new build flat in Milnthorpe. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build questions that you may expect your new-build leasehold conveyancing in Milnthorpe
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. There must be mutual enforceability of lessee’s covenants.
I have been on the look out for a ground for flat up to £305k and found one near me in Milnthorpe I like with amenity areas and station in the vicinity, however it only has 52 remaining years left on the lease. There is not much else in Milnthorpe suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the remaining unexpired lease term will likely be a potential deal breaker. Discount the offer by the amount the lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this matter.
We're FTB’s - agreed a price, yet the agent has warned us that the seller will only proceed if we appoint their chosen solicitors as they need an ‘expedited deal’. We would rather use a local solicitor used to conveyancing in Milnthorpe
It is highly unlikely the sellers are behind this. If they want ‘a quick sale', taking such a hostile approach to a genuine purchaser is counter productive. Contact the sellers directly and explain that (a)you are keen to buy (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you wish to move quickly (e)but you are going to instruct your own,trusted Milnthorpe conveyancing solicitors - not the ones that will earn their estate agent a kickback or achieve conveyancing figures demanded by senior management.
I am attracted to a couple of maisonettes in Milnthorpe both have in the region of fifty years unexpired on the leases. should I be concerned?
There is no doubt about it. A leasehold flat in Milnthorpe is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it adversely affects the salability of the premises. For most purchasers and lenders, leases with under 75 years become less and less marketable. On a more positive 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 premises 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 Milnthorpe 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 any new 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 inherited a studio flat in Milnthorpe, conveyancing formalities finalised 8 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Milnthorpe with a long lease are worth £260,000. The ground rent is £45 invoiced every year. The lease expires on 21st October 2099
With only 74 years left to run we estimate the premium for your lease extension to be between £8,600 and £9,800 plus professional fees.
The figure above a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure in the absence of detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
My solicitors in Milnthorpe have advised me that they can not locate my conveyancing file. To assist with my purchase I took out a mortgage with the lender. Is it case that being on the bank conveyancing panel they need to have retained the file for a prescribed period?
It very much depends from lender to lender but many of the Terms and Conditions of Conveyancing Panel Appointment require the file to be held for a period of 6 years. That being said we have not seen a copy of the lender Conveyancing Panel Terms. It might be worth you contacting the lender directly.