Can the conveyancing solicitors identified via your search tool execute auction conveyancing in Pangbourne?
We know of a number of niche lawyers we can connect you with those specialising in auction conveyancing. Pangbourne is one of the many areas of where our lawyers are based.
I am about to put an offer on a leasehold flat in Pangbourne. The selling agents assure me that it is standard for flats in Pangbourne to have less than 75 years remaining. I am getting a mortgage with Tesco Bank. Will the property be mortgageable given that the lease has 69 years remaining.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are securing a mortgage then your lender may insist that the lease be extended before competition. Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 7/1/2022 the requirements read as follows :
Should my lawyer be raising enquiries regarding flooding during the conveyancing in Pangbourne.
Flooding is a growing risk for lawyers carrying out conveyancing in Pangbourne. Some people will acquire a property in Pangbourne, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or sell the property. There are steps that can be taken as part of the conveyancing process to forewarn the purchaser.
Conveyancers are not qualified to impart advice on flood risk, but there are a various checks that may be carried out by the buyer or on a buyer’s behalf which should figure out the risks in Pangbourne. The conventional set of property information forms sent to a buyer’s solicitor (where the solicitors are adopting what is known as the Conveyancing Protocol) includes a standard question of the vendor to discover if the premises has suffered from flooding. If the premises has been flooded in past which is not disclosed by the vendor, then a buyer may issue a claim for damages as a result of such an incorrect answer. A purchaser’s conveyancers may also order an environmental report. This will reveal if there is a recorded flood risk. If so, more detailed inquiries will need to be made.
My wife and I purchased a semi-detached Edwardian property in Pangbourne. Conveyancing lawyer acted for me and The Mortgage Works. I did a free Land Registry search last week and there are two entries: one for freehold, the second leasehold with the matching address. If a house is not a freehold shouldn't I have been informed?
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 Pangbourne and other locations in 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 enquire as to the situation with the conveyancing lawyer who conducted the purchase.
How does conveyancing in Pangbourne differ for new build properties?
Most buyers of new build premises in Pangbourne come to us having been asked by the developer to sign contracts and commit to the purchase even before the house is completed. This is because house builders in Pangbourne usually purchase 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 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 accustomed to new build conveyancing in Pangbourne or who has acted in the same development.
I've recently bought a leasehold house in Pangbourne. Do I have any liability for service charges for periods before 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. It is an essential part 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 leasehold flat in Pangbourne, conveyancing having been completed 9 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 Pangbourne with a long lease are worth £186,000. The ground rent is £55 yearly. The lease finishes on 21st October 2074
With only 52 years left to run the likely cost is going to be between £29,500 and £34,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs without more detailed investigations. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.