Just bought a terraced house in Fenham , What is the estimated time for the Land Registry to deal with the formalities evidencing my ownership? My Fenham conveyancing solicitor has been painfully slow, so I want to be certain the land registry aspects are addressed.
As far as conveyancing in Fenham registration is no quicker or slower than the rest of the country. Rather than based on location, timeframes can vary subject to the party submitting the application, whether it is in order and if the Land registry must send notices to any third parties. Currently roughly three quarters of such applications are fully addressed in less than three weeks but occasionally there can be longer delays. Registration takes place after the purchaser has moved in to the premises thus an expedited registration is not typically top priority but if there is a degree of urgency associated with the registration then you or your conveyancer could contact the land registry and explain the circumstances.
How does conveyancing in Fenham differ for newly converted properties?
Most buyers of new build or newly converted property in Fenham come to us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the premises is ready to move into. This is because house builders in Fenham typically acquire 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 property lawyers 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 accustomed to new build conveyancing in Fenham or who has acted in the same development.
I have been on the look out for a flat up to £245,000 and found one close by in Fenham I like with open areas and transport links nearby, the downside is that it's only got 51 years unexpired on the lease. There is not much else in Fenham for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a mortgage that many years will likely be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should consult your conveyancing solicitor regarding this matter.
How simple is it to transfer to a new conveyancer as I have to retain one who is on the Leeds Building Society conveyancing panel. I was using a high street conveyancing solicitor in Fenham round the corner but the firm is not approved by Leeds Building Society
We will our best to assist in finding you a conveyancing solicitor in Fenham on the Leeds Building Society panel. Please note that the solicitors that we on the directory do not pay us a referral fee if you instruct them and are registered with the Solicitors Regulation Authority who oversee all conveyancing solicitors in Fenham. In utilising the find a conveyancing solicitor tool on this page, you can compare and instruct different solicitors and conveyancers both nationally and in Fenham.
Last October I purchased a leasehold flat in Fenham. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Fenham Leasehold Conveyancing - A selection of Queries before Purchasing
The prefered form of lease arrangement is a share of the freehold. In this situation the tenants benefit from being in charge if their destiny and notwithstanding that a managing agent is usually employed if the building is larger than a house conversion, the managing agent retained by the leaseholders. How many of the leaseholders are in arrears for their maintenance charge payments? The answer will be helpful as a) areas can result in problems in the block as the communal areas may begin to deteriorate if maintenance remain unpaid b) if the leasehold owners have an issue with the managing agents you will wish to have all the details