It is is a decade since I purchased my house in Godshill. Conveyancing solicitors have just been appointed on the sale but I can't locate the title deeds. Will this cause complications?
Don’t worry too much. First the deeds may be kept by the lender or they may be in the possession of the lawyers who handled the purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers procuring up to date copy of the land registers. The vast majority of conveyancing in Godshill relates to registered property but in the unlikely event that your property is unregistered it is more problematic but is resolvable.
Despite weeks of looking the Title Certificate and documents to our property can not be found. The solicitors who handled the conveyancing in Godshill 5 years ago are no longer around. What do I do?
As long as the title is registered the details of your ownership will be retained by the Land Registry under a Title Number. It is possible to conduct a search at the Land Registry, find your house and secure up to date copies of the Registered Entries for less than a fiver. Where the title is Leasehold then the Land Registry will also normally hold a certified duplicate of the Registered Lease and again, a copy can be ordered for a small fee.
I am purchasing a new build house in Godshill benefiting from help to buy. The builders refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The property agent advised me not inform my lawyer about the extras as it may impact my mortgage with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I have been advised by three or four local estate agents in Godshill to select a conveyancer using your seach tool. What’s the financial incentive for Estate Agents to promote your site ahead of a competitor’s?
We don’t make any commission for pointing buyers and sellers in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I am looking at a two flats in Godshill which have approximately fifty years left on the leases. Will this present a problem?
There are plenty of short leases in Godshill. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the saleability of the lease deteriorates and it becomes more costly to extend the lease. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficulties arise selling premises with a short lease because mortgage lenders may be reluctant to lend money on properties of this type. Lease extension can be a difficult process. We recommend you seek professional assistance from a solicitor and surveyor with experience in this area.
I inherited a basement flat in Godshill, conveyancing formalities finalised July 2004. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Godshill with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 yearly. The lease runs out on 21st October 2073
With just 54 years left to run we estimate the price of your lease extension to range between £31,400 and £36,200 as well as costs.
The figure above a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first seeking the advice of a professional.