I own a 4 bedroom Edwardian house in Ironbridge. Conveyancing practitioner represented me and Britannia. I did a free Land Registry search last week and I saw a couple of entries: one for freehold, another for leasehold with the matching property. I'd like to know for sure, how can I find out??
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Ironbridge and other areas of the country and poses no real issues for owners other than when they mortgage they have to account for both freehold and leasehold interests when dealing with mortgage companies. You can also enquire as to the situation with the conveyancing lawyer who conducted the purchase.
Yesterday I discovered that there is a flying freehold element on a house I have offered on a fortnight ago in what should have been a straight forward, no chain conveyancing. Ironbridge is the location of the property. Can you shed any light on this issue?
Flying freeholds in Ironbridge are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Ironbridge you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Ironbridge may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I have been recommended by numerous selling agents in Ironbridge to locate a solicitor using your seach tool. What’s the financial advantage for Estate Agents to recommend your site over and above a competitor’s?
We refuse to make any financial incentive for sending work our way. We found it would be just too difficult a fee as members of the public would think, ‘How come the agent getting a kickback? Why aren’t I receiving any benefit too?’ We would prefer to grow our business on genuine recommendations.
In relation to leasehold conveyancing in Ironbridge what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Ironbridge. Most leases are individual and legal mistakes in the legal wording can sometimes mean that certain clauses are missing. The following missing provisions could result in a defective lease:
Maintenance charge proportions which don’t add up to the correct percentage Insurance obligations
A defective lease can cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Yorkshire Building Society, Bank of Scotland, and Bank of Ireland all have express requirements 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, obliging the purchaser to withdraw.
I own a basement flat in Ironbridge, conveyancing was carried out 9 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Ironbridge with an extended lease are worth £197,000. The ground rent is £55 per annum. The lease ceases on 21st October 2073
With just 54 years left to run we estimate the price of your lease extension to span between £32,300 and £37,400 plus legals.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide the actual costs in the absence of detailed investigations. You should not use this information in tribunal or court proceedings. There are no doubt other concerns that need to be considered and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before seeking the advice of a professional.
Our conveyancer in Ironbridge is asking me for proof of ID documents stating that this forms part of his requirements as a conveyancer on the mortgage company Solicitor panel. Can you confirm whether this is the case?
Anti-terror and anti-money-laundering rules require Ironbridge conveyancing solicitors and licensed conveyancers to verify the identity of the person or body they are dealing with before they can accept their conveyancing business. The Client Care letter that you need to sign will no doubt confirm this. Your lawyer is right that the lender also require certain documents to be viewed. If a you refuse to provide ID verification documents, your conveyancer would not be able to accept instructions from you. Your lawyer also has obligations to obtain certain documents in accordance with the bank's UK Finance Lenders’ Handbook requirements