My bid for a property was accepted at auction in Olney. Conveyancing is necessary. What is next?
Given that you are now exchanged you must retain a conveyancing lawyer quickly as you now have a tight deadline in which to complete the transaction. All auction property will ordinarily have a bespoke auction pack. This will likely include evidence of title and search results. If you have purchased leasehold premises the auction papers should contain a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You should hand this to the conveyancer instructed by you as soon as possible. Do make sure that that you have the requisite funding organised to complete on the date specified in the contract.
When it comes to mortgage companies such as HSBC, do Olney conveyancers have to pay a fee to be on the list of approved solicitors?
We are not aware of any mortgage company fees to be on their panel, although some do levy an administration charge to deal with the processing of the conveyancing panel application.
My wife and I have organised a further advance on our home loan from Kent Reliance as we intend to carry out a loft conversion to our property in Olney. Do we need to appoint a high street Olney solicitor on the Kent Reliance conveyancing panel to handle the paperwork?
Kent Reliance don't usually instruct a member of their approved list of lawyers to handle the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance panel.
I have been told that property searches are the primary reason for hinderance in Olney house deals. Is that correct?
The Council of Property Search Organisations (CoPSO) has noted the findings of research by MoveWithUs that conveyancing searches do not figure within the most frequent causes of delays in the conveyancing process. Searches are not likely to feature in any holding up conveyancing in Olney.
I am looking for a leasehold apartment up to £195,000 and found one near me in Olney I like with a park and station in the vicinity, however it only has 49 years on the lease. There is not much else in Olney in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you require a mortgage the shortness of the lease will be problematic. Reduce the price by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should consult your conveyancing lawyer about this matter.
Is it best to appoint a Olney conveyancing practitioner in close proximity to the house I am purchasing? An old friend can conduct the legal formalities however her office is approximately 350miles away.
The primary upside of using a high street Olney conveyancing firm is that you can pop in to sign documents, deliver your identification documents and pester them where appropriate. They will also have local insight which is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If if people you trust used your friend and the majority were happy that should outweigh using an unknown Olney conveyancing solicitor just because they are round the corner.
I have recently realised that I have Seventy years remaining on my lease in Olney. I now wish to extend my lease but my landlord is can not be found. What are my options?
If you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be granted an extra 90 years by the magistrate. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to track down the freeholder. On the whole an enquiry agent should be useful to carry out a search and to produce an expert document to be accepted by the court as evidence that the freeholder is indeed missing. It is wise to seek advice from a conveyancer in relation to proving the landlord’s disappearance and the application to the County Court covering Olney.
I purchased a 2 bed flat in Olney, conveyancing formalities finalised 3 years ago. How much will my lease extension cost? Equivalent properties in Olney with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 charged once a year. The lease ceases on 21st October 2091
You have 70 years left to run the likely cost is going to range between £9,500 and £11,000 as well as costs.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure without more detailed investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.
My parents are unable to locate their Olney property on the HMLR online search facility. They have a vague memory 48 years ago when they purchased the property there were complications concerning Olney not being identified on some systems.
Almost all premises in Olney should appear. Have you tried a search to simply the postcode. Usually it will mention all the properties within that postcode. Where recorded it will show up with a title number. If they bought back in the 70’s it's conceivable it may be unregistered. The property may still be revealed but with the title number shown 'na'. In this scenario you will need to track down the original title papers which may be with your parent’s bank.