I happen to be the only recipient of my late father’s will and I have everything in my name alone, including the my former home in Wootton. The Wootton property was put into my name in May. I want to move. I understand that there is a CML 6 month 'rule', which means that my property ownership may be regarded the same way as if I'd bought the property in May. Is the property unsalable for six months?
The CML handbook instructs solicitors to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be affected by that. How practical a view banks take of it, depend on the lender as this obligation primarily exists to pick up on subsales or the quick reselling of property.
I currently have a mortgage with UBS for my property in Wootton. Conveyancing was finalised months ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform UBS?
You must advise UBS in advance of letting out your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. You need not do this via a UBS conveyancing panel firm.
It is not clear whether my mortgage offer requires a lease extension. I have called into my local Wootton bank branch on numerous occasions and was informed it wasn't a problem and they will lend. My Wootton conveyancing solicitor - who is on the bank conveyancing panel- called and was told they will not lend in accordance with their UK Finance Lenders’ Handbook minimum lease term requirements. I have no idea who is right.
The solicitor must follow the CML Handbook section two provisions for your lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the mortgage company to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
four months have gone by since my purchase conveyancing in Wootton completed. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
The estate agent has sent us the confirmation of our purchase of a new build flat in Wootton. Conveyancing is a frightening process 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 legal work.
Here is a sample of a few leasehold new build enquiries that you should expect your new-build leasehold conveyancing in Wootton
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The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? There must be mutual enforceability of lessee’s covenants. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I am looking for a flat up to £235,500 and identified one near me in Wootton I like with amenity areas and transport links nearby, the downside is that it only has 51 remaining years left on the lease. I can't really find anything else in Wootton suitable, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer concerning this matter.
My company is looking to take over a lease of a shop on a shopping parade. Can you recommend conveyancers offering fixed fees for non-domestic conveyancing in Wootton for under 2k?
We can recommend firms who host a wealth of experience of commercial conveyancing in Wootton, including the sale and purchase of businesses as well as simply premises. Whether you are intending to purchase or dispose of a shop, pub, restaurant, office, retail premises or a complete business we will find you the right lawyer. Regarding the charges this will depend on the structure and heads of terms of the deal. Please provide us with your details or phone us so that we may furnish you with a fixed commercial conveyancing quote.
Having checked my lease I have discovered that there are only 72 years left on my flat in Wootton. I now wish to get lease extension but my landlord is can not be found. What options are available to me?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for an order to dispense with the service of the initial notice. This will enable the lease to be lengthened by the magistrate. You will be obliged to prove that you have done all that could be expected to track down the lessor. For most situations an enquiry agent would be helpful to carry out a search and to produce an expert document to be accepted by the court as evidence that the landlord is indeed missing. It is advisable to get professional help from a solicitor both on devolving into the landlord’s absence and the application to the County Court covering Wootton.
Leasehold Conveyancing in Wootton - Sample of Queries Prior to Purchasing
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You should be aware if it is less than eighty years it will impact the salability of the apartment. It is worth checking with your mortgage company that they are willing to go ahead with the loan given the lease term. Leases with fewer than 80 years remaining means that you will most likely require a lease extension at some point and you need to have some idea of what this would cost. For most Woottonlease extensions you will be be obliged to have owned the residence for two years in order to be entitled to exercise a lease extension. Is anyone aware of any major works in the planning that could add a premium to the service fees?