We are buying our first property. Our conveyancing practitioner has texted usto ask if we would like to take out extra conveyancing searches. We are really unsure what's recommended for conveyancing in Driffield
The type of Driffield conveyancing searches should be triggered based entirely on the property, the location, the likelihood of any of these risks, your familiarity of the region and risks, your general appetite to risk. What is important is that you properly understand what information each search could supply. You may then make a decision if you consider that you need that information. Where you are uncertain, ask your conveyancing practitioner to offer guidance.
I own a freehold house in Driffield yet invoiced for rent, why is this and what is this?
It’s unusual for properties in Driffield and has limited impact for conveyancing in Driffield but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
I require expedited conveyancing in Driffield as I am faced with an ultimatum to sign on the dotted line in less than 2 weeks. A home loan is not required. Is it possible to escape the need for conveyancing searches to save fees and time?
As you are are a cash purchaser you have the choice not to have searches carried out although no law firm would suggest that you don't. Drawing on years of experience of conveyancing in Driffield the following are examples of issues that can crop up and therefore affect the marketability of the property: Enforcement Actions, Outstanding Fees, Overdue Grants, Railway Schemes,...
I have been on the look out for a leasehold apartment up to £235,500 and identified one close by in Driffield I like with open areas and transport links nearby, the downside is that it only has 49 years unexpired on the lease. There is not much else in Driffield suitable, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least 2 years you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this.
What makes a Driffield lease problematic?
Leasehold conveyancing in Driffield is not unique. All leases are individual and drafting errors can sometimes mean that certain provisions are erroneous. For example, if your lease is missing any of the following, it could be defective:
Service charge per centages that don't add up correctly leaving a shortfall
You could encounter difficulties when selling your property if you have a defective lease as they can affect a potential buyer’s ability to obtain a mortgage. Yorkshire Building Society, Bank of Scotland, and Alliance & Leicester all have very detailed conveyancing instructions when it comes to what is expected in a lease. If a mortgage lender believes that the lease is problematic they may refuse to grant the mortgage, forcing the purchaser to withdraw.
I invested in buying a leasehold flat in Driffield, conveyancing having been completed 7 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Driffield with an extended lease are worth £260,000. The ground rent is £45 yearly. The lease ceases on 21st October 2095
With only 74 years unexpired we estimate the premium for your lease extension to range between £8,600 and £9,800 as well as costs.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before seeking the advice of a professional.