What happens if my lawyer’s firm is expelled from the Coventry BS Solicitor panel ahead of completing my conveyancing in Caistor?
The first thing to point out is that, this is very unlikely to happen. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit at a cost.
Despite weeks of looking the Title Certificate and documents to my house are lost. The lawyers who handled the conveyancing in Caistor 10 years ago no longer exist. What are my options?
You no longer need to hold title deeds to establish that you own the land or premises, as the Land Registry hold details of all registered land or property electronically.
The estate agent has sent us the confirmation of our purchase of a new build apartment in Caistor. Conveyancing is daunting 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.
Here is a sample of a few leasehold new build questions that you can expect your new-build leasehold conveyancing in Caistor
The Lease must contain a provision on behalf of the Vendor to pay the service charges in respect of unoccupied units in order to ensure that all services can be provided. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please supply a car parking plan.
I have been on the look out for a flat up to £305k and found one near me in Caistor I like with open areas and station in the vicinity, the downside is that it only has 51 remaining years left on the lease. There is not much else in Caistor for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
Should you need a home loan the shortness of the lease will be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of twenty four months you could ask them to commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should consult your conveyancing solicitor concerning this.
Do you have any advice for leasehold conveyancing in Caistor from the point of view of saving time on the sale process?
- A significant proportion of the delay in leasehold conveyancing in Caistor can be avoided where you appoint lawyers the minute your agents start marketing the property and request that they start to put together the leasehold documentation which will be required by the buyers’ conveyancers. If you have carried out any alterations to the premises would they have required Landlord’s approval? Have you, for example installed wooden flooring? Caistor leases often stipulate that internal structural changes or installing wooden flooring calls for a licence from the Landlord acquiescing to such works. If you fail to have the paperwork to hand do not contact the landlord without contacting your lawyer in the first instance. Some Caistor leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain bank and professional references. Any bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their lawyers. If you hold a share in a the Management Company, you should ensure that you hold the original share document. Arranging a duplicate share certificate is often a time consuming process and slows down many a Caistor conveyancing transaction. If a reissued share is required, do contact the company officers or managing agents (where relevant) for this at the earliest opportunity. You may think that you are aware of the number of years remaining on your lease but you should verify this by asking your lawyers. A purchaser's lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is below 75 years. In the circumstances it is important at an as soon as possible that you identify whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale.
I invested in buying a 1 bedroom flat in Caistor, conveyancing having been completed September 2007. Can you please calculate a probable premium for a statutory lease extension? Corresponding flats in Caistor with over 90 years remaining are worth £260,000. The average or mid-range amount of ground rent is £45 per annum. The lease ceases on 21st October 2094
With just 75 years unexpired we estimate the price of your lease extension to span between £8,600 and £9,800 plus legals.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to advice on the actual costs in the absence of detailed investigations. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not move forward based on this information without first getting professional advice.