IfI were to buy a freehold propertyin Mortimer for cash and dispense with a survey and no conveyancing searches how much would I expect to to save on my conveyancing in Mortimer?
Any savings you would gain would be isolated to the disbursement for searches. The conveyancing practitioner is required to do the vast majority of work - money laundering, liaising with your sellers property lawyer, SDLT return, register the title etc. A slight saving might be made by not needing to register a charge but it will not be a lot.
I have been referred to a conveyancing solicitor in Mortimer. I I am struggling to find out if they are on the Barclays approved list of lawyers. Can you assist?
The first thing to do is call the lawyer and ask them if they are on the lender panel. Alternatively you should get in touch with Barclays who may be able to assist.
What does a local search inform me concerning the property I am purchasing in Mortimer?
Mortimer conveyancing often commences with the ordering local authority searches directly from your local Authority or via a personal search organisations for instance PSG The local search plays an important role in most Mortimer conveyancing purchase; that is if you wish to avoid any nasty once you have moved into your property. The search will provide data on, amongst other things, details on planning applications applicable to the property (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.
Me and my brother have a renovated Edwardian house in Mortimer. Conveyancing lawyer represented me and Leeds Building Society. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold under the exact same address. Is it worth asking Leeds Building Society to clarify?
You need to assess 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 Mortimer and other areas of the country and poses no real issues for owners other than when they remortgage they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the situation with your conveyancing lawyer who conducted the purchase.
I am attracted to a two flats in Mortimer which have about fifty years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Mortimer is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most buyers and banks, leases with under 75 years become less and less attractive. 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 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 Mortimer conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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.
Mortimer Leasehold Conveyancing - Sample of Queries Prior to buying
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Who manages the building? For most Mortimer leaseholds the outlay for major works are not built into the service charges, although a few managing agents in Mortimer require tenants to pay into a sinking fund created for the specific purpose of establishing a fund for larger works. Best to be warned if a new roof is being put on or some other major work is due in the foreseeable future to be shared between the leasehold owners and will materially impact the level of the service costs or result in a specific invoice.
We are thinking of choosing a web based property lawyer as opposed to a Mortimer conveyancing practice. Should I ‘stay local’?
Advantages do exist in being able to attend a local Mortimer conveyancing solicitor for instance
- signing documents same day
- sometimes being able to see someone face-to-face can make a significant difference, particularly for more complex conveyancing
- the ability to complain if matters are not going as expected
When comparing quotes, look out for hidden extras. Most decent Mortimer high street solicitors give an all-inclusive price. Many online companies appear to offer discounted prices, but have hidden 'extras' in the small print.