Me and my fiancee are acquiring our first house. Our solicitor has texted usto check if we would like to purchase supplemental conveyancing searches. Unfortunately we have no idea as to what's recommended for conveyancing in Watton
The scope of Watton conveyancing searches depends primarily on the premises, the location, the likelihood of any of these risks, your knowledge of the area and risks, your overall appetite to risk. What matters is that you properly appreciate what information the searches could give you. Then you can make a decision if you personally think you need that search. Should you be unclear, ask your property lawyer to provide guidance.
Do lawyers request money on account for my conveyancing in Watton?
If you are buying a property in Watton your solicitor will ask you to provide them with funds to cover the search fees. Normally this is requested to cover the fees of the conveyancing searches. When the down payment is payable against the total price then this will be needed immediately prior to contracts are exchanged. Any further balance that is needed will be payable shortly before completion.
I have a terraced Georgian house in Watton. Conveyancing solicitor represented me and Bank of Scotland. I did a free Land Registry search last week and there are a couple of entries: one for freehold, the second leasehold with the exact same address. Is it worth asking Bank of Scotland to clarify?
You should review the Freehold register you have again and check the Charges Register as there may be 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 Watton and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also question the position with your conveyancing lawyer who conducted the work.
I decided to have a survey carried out on a house in Watton before retaining lawyers. I have been informed that there is a flying freehold overhang to the house. The surveyor has said that some banks tend not grant a mortgage on a flying freehold house.
It depends who your proposed lender is. Bank of Scotland has different requirements for example to Birmingham Midshires. If you e-mail us we can look into this further with the relevant lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Watton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Watton to see if the conveyancing will be more expensive.
I only have Sixty One years unexpired on my lease in Watton. I need to get lease extension but my freeholder is missing. What are my options?
On the basis that you qualify, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be lengthened by the Court. You will be obliged to demonstrate that you or your lawyers have made all reasonable attempts to find the landlord. On the whole a specialist should be useful to carry out a search and to produce an expert document which can be used as proof that the landlord is indeed missing. It is advisable to get professional help from a conveyancer both on investigating the landlord’s absence and the vesting order request to the County Court overseeing Watton.
Watton Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying
How many years are left on the lease? For many Watton leaseholds the cost for major works tend not to be included within service charges, although some managing agents in Watton require leasehold owners to pay into a sinking fund and this is used to offset against major works. Plenty Watton leasehold apartments will incur a service bill for maintenance of the building set by the freeholder. If you purchase the apartment you will have to pay this liability, normally periodically throughout the year. This can vary from several hundred pounds to thousands of pounds for buildings with lifts and large communal areas. There will also be a ground rent to be met yearly, this is usually not a exorbitant figure, say about £50-£100 but you need to check it because occasionally it can be many hundreds of pounds.
I am contemplating appointing an online conveyancer rather than a Watton conveyancing firm. Am I making a mistake?
There are advantages of being able to pop in to a local Watton conveyancing solicitor such as
- signing papers and and when necessary
- getting face-to-face explanations of things you don't understand
- the ability to raise concerns if matters need to addressed
When comparing fees, look out for hidden extras. The majority decent Watton high street solicitors give an all-inclusive price. Many online companies appear to offer low cost prices, but have hidden 'extras' in the small print.