It is 10 years ago since I acquired my house in Newmarket. Conveyancing lawyers have recently been retained on the sale but I am unable to find the title deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be kept by the mortgage company or they could be archived with the conveyancers who oversaw the purchase. Secondly the chances are that the property will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing solicitors obtaining current official copies of the land registers. Almost all conveyancing in Newmarket involves registered property but in the rare situation where your home is not registered it is more of a problem but is not insurmountable.
A colleague pointed out to me me that in buying a property in Newmarket there could be various restrictions preventing external changes to the property. Is this right?
There are anumerous of properties in Newmarket which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Newmarket should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
is it true that all Newmarket conveyancing solicitors on the Virgin Money conveyancing panel are regulated by the SRA?
As solicitors, in order to be on the Virgin Money conveyancing panel they would need to be overseen by the SRA. The majority of lenders do list licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
At last I have had an offer on a flat in Newmarket accepted, but there is a chain. The owners have put an offer on somewhere, however it’s not yet agreed to, and are looking at other apartments booked. I have selected a high street conveyancing solicitor in Newmarket. What do I do now? When do I get the mortgage application with RBS started?
It is understandable to have concerns where there is a chain as you are unlikely to want to incur expenses prematurely (home loan application is in the region of one thousand pounds, then survey, Newmarket conveyancing search costs, etc). The first thing to do is check that your lawyer is on the RBS approved list. Regarding the subsequent steps this very much depends on the circumstances of your transaction, desire for this property and on the state of the market. In a hot market the majority of home buyers would apply for the mortgage with RBS and pay for the valuation and only if it comes back ok would they pay their lawyer to press on with searches.
The deeds to our property can not be found. The conveyancers who conducted the conveyancing in Newmarket 4 years ago are no longer around. What are my next steps?
You no longer need to hold title deeds to prove you are the owner of your registered land or property, given that the Land Registry have everything they need in a digital format.
How does conveyancing in Newmarket differ for new build properties?
Most buyers of new build premises in Newmarket approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Newmarket usually buy the land, 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 conveyancers 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 used to new build conveyancing in Newmarket or who has acted in the same development.
I am hoping to put an offer on a small detached house that seems to be perfect, at a reasonable price which is making it all the more appealing. I have just found out that the title is leasehold rather than freehold. I would have thought that there are particular concerns buying a leasehold house in Newmarket. Conveyancing lawyers have are about to be instructed. Will they explain the issues?
The majority of houses in Newmarket are freehold rather than leasehold. In this scenario it’s worth having a local solicitor who is familiar with the area who can assist with the conveyancing process. it is apparent that you are purchasing in Newmarket in which case you should be shopping around for a Newmarket conveyancing solicitor and check that they are used to transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. As a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as obtaining the landlord’sconsent to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the property is located on an estate. Your lawyer should report to you on the legal implications.
I own a 1st floor flat in Newmarket, conveyancing having been completed in 2002. Can you work out an approximate cost of a lease extension? Equivalent properties in Newmarket with a long 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 2076
With only 51 years unexpired the likely cost is going to range between £30,400 and £35,200 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not move forward based on this information without first seeking the advice of a professional.
What could I expect to pay for conveyancing in Newmarket?
The total sum charged for conveyancing in Newmarket are likely to be calculated at:
- a fixed sum; or
- on a time spent basis (i.e. the time spent on the particular case).
In reality very few Newmarket conveyancing companies invoice on an hourly basis