Our solicitor has discovered a a problem with the lease for the apartment we are buying in Tetbury. The other side have offered defective title insurance as a solution. We are happy with insurance and will cover the costs. Our solicitor has advised that he must ensure that the mortgage company is content with this solution. Are we the client or is the lender?
Even though you have a mortgage offer from the bank does not mean to say that the property will meet their provisions for the purposes of a mortgage. Your lawyer has to ensure that the lease has to comply with the UK Finance Lenders’ Handbook specifications. You and the bank are the client. The appropriate lender provisions must be adhered to.
Are the BSA intent on creating a search tool with a view to to identify firms on the Earl Shilton BS conveyancing panel for instance in Tetbury?
We are not aware of any intention on the part of the BSA to develop such a tool.
About to purchase a new build flat in Tetbury. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Set out below is a sample of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Tetbury
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Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease. Please supply evidence that the form of Lease proposed has been approved by the Land Registry. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
Hoping to buy a property located in Tetbury and I am already nervous. I couldn't find anything specific about Tetbury. Conveyancing will be needed in due course but do you know about the Tetbury area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Tetbury. In the meantime here are some basic statistics that we found
I own a leasehold house in Tetbury. Conveyancing and Virgin Money mortgage went though with no issue. I have received a letter from someone saying they have taken over the freehold. Attached was a ground rent demand for rent dating back to 1993. The conveyancing practitioner in Tetbury who previously acted has now retired. Any advice?
First contact the Land Registry to be sure that this person is indeed the new freeholder. You do not need to incur the fees of a Tetbury conveyancing solicitor to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I purchased a 1 bedroom flat in Tetbury, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable properties in Tetbury with an extended lease are worth £190,000. The average or mid-range amount of ground rent is £45 levied per year. The lease ceases on 21st October 2087
With only 62 years left to run the likely cost is going to be between £17,100 and £19,800 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other 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 based on this information before seeking the advice of a professional.
We are in the process of acquiring a flat in Tetbury. Conveyancing is not complete but we wish to keep the amount we are are purchasing for a secret from the likes of Rightmove. How do I make sure this is not revealed?
HMLR are legally required to disclose price sold information on a register of the title for residential properties countrywide which includes homes in Tetbury. The register of ownership is a public document, so HMLR would be breaching their statutory duty excluded certain homes such as the property in Tetbury.
In essence you can ask the Land Registry to withhold the amount paid data however the response would be in the negative.