I am purchasing a property for cash in Tadley. I have lived for the previous 20 years in Tadley. Conveyancing searches are expensive. As I know the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a mortgage, then the vast majority of the Tadley conveyancing searches are at your discretion. Your conveyancer will 'advise', no-doubt strongly, that you should have searches done, but she has a professional duty to take that path of advice. One thing to take into account; if you are going to sell the house in the future, it will likely be be of relevance to your prospective buyer what the searches reveal. Sometimes houses with functional issues can still reveal unpredicted search results. A good conveyancing solicitor in Tadley will be able to give you some constructive advice here.
Why do I have to pay up front for conveyancing in Tadley?
Where you are retaining lawyers for conveyancing in Tadley your solicitor will request that you to provide them with monies to cover the search fees. This will be the total of the cost of the conveyancing searches. When the deposit is payable against the purchase price then this will be required immediately before exchange of contracts. The final balance that is due should be transferred a few days prior to the completion date.
My house in Tadley is up for sale and I have a buyer. Will the conveyancer have to be on the Virgin Money conveyancing panel in order to deal with paying off my mortgage?
Ordinarily, even if your lawyer is not on the Virgin Money conveyancing panel they can still act for you on your sale. It might be that the lender will not release the original deeds (if applicable and increasingly irrelevant) until after the mortgage is paid off. You should speak to your lawyer directly before you start the process though to ensure that there is no problem as lenders are changing their conditions fairly frequently currently.
I acquired my flat on 11 July and my personal details are still not registered. Should I be concerned? My conveyancing solicitor in Tadley said it will be recorded in less than a month. Are transfers in Tadley particularly slow to register?
As far as conveyancing in Tadley is concerned, registration is no quicker or slower than the rest of England and Wales. Rather than based on location, timescales can differ depending on who lodges the application, whether there are errors and whether the Land registry must send notices to any 3rd parties. As of today in the region of three quarters of submission are completed within 12 days but some can be subject to extensive delays. Registration occurs once the purchaser is living at the premises so registration formalities is not usually top priority yet if there is a degree of urgency associated with the registration then you or your lawyers could contact the land registry and explain the circumstances.
Over the last few months I have been searching for a leasehold apartment up to £305k and identified one near me in Tadley I like with open areas and station nearby, the downside is that it's only got 49 years unexpired on the lease. I can't really find anything else in Tadley suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease may be an issue. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you can request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
In relation to leasehold conveyancing in Tadley what are the most common lease defects?
There is nothing unique about leasehold conveyancing in Tadley. All leases are individual and drafting errors can sometimes mean that certain clauses are not included. The following missing provisions could result in a defective lease:
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A provision for the recovery of money spent for the benefit of another party. Service charge per centages that don't add up correctly leaving a shortfall
A defective lease will likely cause problems when trying to sell a property as they can affect a potential buyer’s ability to obtain a mortgage. Lloyds TSB Bank, The Royal Bank of Scotland, and Aldermore all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to provide security, forcing the purchaser to pull out.
I own a 1st floor flat in Tadley, conveyancing having been completed in 2006. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Tadley with a long lease are worth £175,000. The ground rent is £65 invoiced annually. The lease finishes on 21st October 2084
With 58 years remaining on your lease we estimate the premium for your lease extension to be between £22,800 and £26,400 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more comprehensive due diligence. You should not use this information in tribunal or court proceedings. There may be additional issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.