Have completed on a a detached house in Buntingford , What is the estimated time for the Land Registry to register my ownership? My Buntingford conveyancing solicitor has been painfully slow, so I want to be certain the land registry aspects are addressed.
There is nothing unique when it comes to conveyancing in Buntingford registration formalities. Rather than based on location, timescales can vary subject to the party submitting the application, whether it is in order and whether the Land registry have to notify any third persons or bodies. As of today roughly three quarters of submission are fully addressed within 12 days but occasionally there can be protracted delays. Registration occurs once the new owner has moved in to the premises so 'speed' is not always an essential issue yet if there is a degree of urgency associated with the registration then you or your solicitor must contact the land registry and explain the circumstances.
How does conveyancing in Buntingford differ for new build properties?
Most buyers of new build premises in Buntingford contact us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the property is finished. This is because new home sellers in Buntingford typically purchase the land, 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 conveyancers 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 used to new build conveyancing in Buntingford or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on two weeks back in what should have been a straight forward, no chain conveyancing. Buntingford is where the house is located. Can you offer any assistance?
Flying freeholds in Buntingford are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Buntingford you must be sure that your lawyer goes through the deeds diligently. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Buntingford may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold premises.
I have been pointed in your direction by a number of property agents in Buntingford to choose a conveyancer on your site. What’s the financial incentive for Estate Agents to recommend your lawyers ahead of a competitor’s?
We don’t give any financial incentive for sending work to this site. We found it would be just too difficult a fee as members of the public would think, ‘Why is the agent getting a kickback? Why am I not getting any benefit too?’ So we decided to step away from that.
I am looking at a couple of maisonettes in Buntingford which have about 50 years left on the leases. should I be concerned?
There are no two ways about it. A leasehold flat in Buntingford is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the value of the property. For most buyers and lenders, leases with under eighty years become less and less marketable. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises 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 residence 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 Buntingford 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 any new 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.
Buntingford Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
Can you inform me if there are any major works in the planning that will increase the maintenance fees? What restrictions exist in the Buntingford Lease? How much is the ground rent and service charge?