It is 10 years ago since I acquired my house in South Cave. Conveyancing solicitors have recently been retained on the sale but I can't find the title deeds. Will this jeopardise the sale?
Don’t worry too much. First the deeds may be with the mortgage company or they could stored with the conveyancers who acted in the purchase. Secondly the likelihood is that the title will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing solicitors obtaining up to date copy of the land registers. Nearly all conveyancing in South Cave relates to registered property but in the rare situation where your property is unregistered it is more problematic but is resolvable.
What can a local search reveal about the property I am buying in South Cave?
South Cave conveyancing often commences with the applying for local authority searches directly from your local Authority or via a personal search company for example Searchflow The local search plays an important part in most South Cave conveyancing purchase; that is if you wish to avoid any nasty surprises after you move into your new home. The search should reveal information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.
How does conveyancing in South Cave differ for newly converted properties?
Most buyers of new build or newly converted property in South Cave approach us having been asked by the seller to exchange contracts and commit to the purchase even before the property is ready to move into. This is because new home sellers in South Cave tend to purchase the site, 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 property lawyers 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 South Cave or who has acted in the same development.
Over the last few months I have been searching for a flat up to £195,000 and identified one close by in South Cave I like with a park and railway links nearby, the downside is that it's only got 51 remaining years left on the lease. I can't really find anything else in South Cave suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you require a home loan the shortness of the lease may be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you may request that they commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
There are only Sixty One years unexpired on my lease in South Cave. I now want to get lease extension but my freeholder is missing. What should I do?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can apply to the County Court for for permission to dispense with the service of the initial notice. This will enable the lease to be extended by the Court. You will be obliged to prove that you have used your best endeavours to find the freeholder. On the whole an enquiry agent may be useful to carry out a search and prepare an expert document which can be used as evidence that the landlord can not be located. It is advisable to get professional help from a solicitor both on investigating the landlord’s disappearance and the application to the County Court overseeing South Cave.
I acquired a 1st floor flat in South Cave, conveyancing having been completed in 1995. Can you work out an approximate cost of a lease extension? Comparable properties in South Cave with over 90 years remaining are worth £165,000. The ground rent is £45 invoiced every year. The lease comes to an end on 21st October 50
With 50 years left to run we estimate the price of your lease extension to span between £36,100 and £41,800 plus costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first seeking the advice of a professional.