Just acquired a detached house in Bishop Auckland , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Bishop Auckland conveyancing solicitor has been very slow, so I want to be certain that my name is registered.
As far as conveyancing in Bishop Auckland registration is no quicker or slower than anywhere else in the country. As opposed to being determined by geographic area, timescales can adjust depending on the party submitting the application, whether there are errors and if the Land registry must send notices to any third parties. Currently approximately 80% of submission are fully dealt with within 12 days but some can be subject to extensive delays. Registration takes place after the new owner is living at the property thus an expedited registration is not typically an essential issue but if it is urgent that the the registration takes place urgently then you or your solicitor can contact the land registry and explain the circumstances.
I opted to have a survey completed on a property in Bishop Auckland ahead of instructing lawyers. I have been informed that there is a flying freehold overhang to the house. Our surveyor has said that some mortgage companies may refuse to grant a mortgage on such a house.
It depends who your proposed lender is. Santander has different instructions from Nationwide. If you call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Bishop Auckland. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bishop Auckland to see if the conveyancing will be more expensive.
I'm remortgaging my current house to a BTL loan with Aldermore and intend to use the remaining equity as a down payment on another house. The area we are talking about is Bishop Auckland. Will your lawyers be able to act for both sets of lenders and tie in the transactions?
Do use our comparison tool on this page to check that the solicitors are approved by both banks. Having checked that they are the lawyer should be able to tie up the two transactions but you should talk with you conveyancer and communicate your desired outcome and requirements.
I've recently bought a leasehold flat in Bishop Auckland. Do I have any liability for service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I purchased a garden flat in Bishop Auckland, conveyancing having been completed in 2005. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Bishop Auckland with over 90 years remaining are worth £202,000. The ground rent is £60 yearly. The lease terminates on 21st October 2080
With only 57 years left to run the likely cost is going to be between £28,500 and £33,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.
At what point do I pay the Stamp Duty Land Tax payable for my purchase in Bishop Auckland?
The majority of property lawyers tend to fill out a stamp duty return for you as part of your Bishop Auckland purchase transaction for you to sign. After completion your solicitor will submit your Land Transaction Return Form to the Tax Authorities and - as long as they have the funds - pay any tax bill due on your behalf.