We are close to exchanging contracts on the sale of our property in Fairford and according to the buyers it appears that there is a risk of it being constructed on contaminated land. A local conveyancer would know that there is no such problem. It does beg the question why the purchasers are using a national conveyancing firm as opposed to a conveyancing solicitor in Fairford. We have lived in Fairford for six years we know of no issue. Do we get in touch with our local Authority to get clarification need.
It would appear that you have a conveyancing solicitor already. Are they able to advise? You must check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out health insurance to cover that same ailment)
It has been 2 months since my purchase conveyancing in Fairford took place. I have checked the Land Registry site which shows that I paid £200,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
Just had an offer accepted on a new build flat in Fairford. 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 conveyancing.
Set out below are examples of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Fairford
Forfeiture - bankruptcy or liquidation must not apply under this provision. There must be mutual enforceability of lessee’s covenants. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in Fairford I like with amenity areas and station nearby, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Fairford in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a home loan the shortness of the lease will likely be an issue. Reduce 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 commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this.
We own a leasehold flat in Fairford. Conveyancing was finalised in 2011. I have been told that I mustn’t let the the remaining lease term to fall too low. Is this right?
Fairford residential long term leases are for a set term - normally just under one hundred years when they commenced. However a significant flats in Fairford were built or converted 30 or more years ago and so such leases now have under 80 years remaining. That may seem like a long time however Banks, Building Societies and other mortgage institutions tend to require leases to have at least seventy five years unexpired to adequate security. Accordingly when you come to sell the property you will need a lease extension if you are getting close to 75 years. To increase the marketability of your property you should be considering whether or not to extend your lease well in advance of selling the property. Furthermore strong financial reasons to taking action before the lease reaches even eighty years as when the lease is below 80 years the premium to be paid to extend starts to escalate.