What will a local search inform me regarding the house we're buying in Bishop Auckland?
Bishop Auckland conveyancing often commences with the submitting local authority searches directly from your local Authority or through a personal search organisations for example Searchflow The local search is essential in every Bishop Auckland conveyancing purchase; that is if you don’t want any nasty surprises after you move into your property. The search will provide data on, amongst other things, details on planning applications relevant 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 13 topic areas.
My wife and I own a terraced Victorian house in Bishop Auckland. Conveyancing lawyer represented me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: one for freehold, another for leasehold with the matching address. Is it worth asking Lloyds TSB Bank to clarify?
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Bishop Auckland 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 enquire as to the situation with the conveyancing lawyer who conducted the work.
About to purchase a new build apartment in Bishop Auckland. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build questions that you may expect your new-build leasehold conveyancing in Bishop Auckland
Please provide evidence that the form of Lease proposed has been approved by the Land Registry. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? 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. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme.
I'm refinancing my primary home to a BTL mortgage with National Westminster Bank and intend to use the remaining equity towards another house. The location we are talking about is Bishop Auckland. Will your conveyancers be able to act for both sets of lenders and link together the conveyances?
Do use our comparison tool on this page to check that the lawyers are approved by both mortgage companies. Having checked that they are the conveyancer will be able to simultaneously deal with the two deals but you should talk with you conveyancer and specify your expectations and needs.
Is there a reason that Bishop Auckland conveyancing costs differ for leasehold and freehold properties?
There is always more work required in leasehold conveyancing. Bishop Auckland has many leasehold properties. There is more time involved in the purchase: for example, the lease and leasehold information (including current service charge, ground rent and buildings insurance details) obtained from the freeholder or managing agents. There are strict criteria that the lease must meet in order to be acceptable to a mortgage company. If it does not meet these requirements, the lease must be amended, which can involve additional expense for the seller.