We are planning to buy with Melton Mowbray Building Society. I went into a couple of high street practices yet cant to find a Bubwith conveyancing firm on the Melton Mowbray Building Society approved list. Can you help?
Please do make use of the search tool on this site. Pick the mortgage company and type Bubwith or your location and you will discover numerous solicitors offices in Bubwith or by proximity to you.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The solicitors who did the conveyancing in Bubwith 5 years ago are no longer around. What do I do?
You no longer need to hold title original deeds to prove you own the land or premises, given that the Land Registry have everything they need in a digital format.
I am looking for a flat up to £235,500 and found one near me in Bubwith I like with amenity areas and transport links nearby, however it only has 49 remaining years left on the lease. I can't really find anything else in Bubwith suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage the shortness of the lease will be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could request that they start the process of the extension and pass it to you. You can add 90 years to the current lease term and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
I'm refinancing my current home to a buy to let mortgage with Halifax and intend to use the remaining equity as a deposit on further property. The neighborhood we are looking at is Bubwith. Will your conveyancers be able to act for the two lenders and tie in the conveyances?
Do use our comparison tool on this site to check that the solicitors are on the relevant lender panels. Assuming that they are your solicitor will be able to simultaneously deal with the two deals but you should have a chat with you lawyer and make apparent your desired outcome and requirements.
I am looking at a couple of apartments in Bubwith which have in the region of forty five years remaining on the lease term. Will this present a problem?
There are no two ways about it. A leasehold flat in Bubwith is a wasting asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Bubwith conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a leasehold flat in Bubwith, conveyancing was carried out in 2003. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Bubwith with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ceases on 21st October 2080
With just 59 years left to run the likely cost is going to span between £20,900 and £24,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs without more comprehensive due diligence. Do not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.