Much to our surprise we have been advised by our mortgage broker that my New Invention the law firm I have appointed is not on the mortgage company Conveyancing panel. What can I do to be sure if this is correct?
The first thing you need to do is to contact your New Invention conveyancer. You lawyer should advise you what has happened. Where they are not on the panel they may recommend you to a New Invention conveyancing practice that is on the conveyancing panel for your mortgage company.
Can you explain why leasehold purchase conveyancing in New Invention costs more?
New Invention leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving applicable notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Despite weeks of looking the Title Certificate and documents to my property are lost. The conveyancers who did the conveyancing in New Invention 4 years ago are no longer around. What do I do?
Assuming the title is registered the details of your ownership will be held by the Land Registry under a Title Number. It is possible to perform a search at the Land Registry, identify your house and secure current copies of the Registered Entries for a small fee. If the property is Leasehold then the Land Registry will in most cases retain a certified copy of the Registered Lease and again, a copy can be retrieved for £20 inclusive of VAT.
I only have Fifty years remaining on my lease in New Invention. I am keen to get lease extension but my landlord is missing. What options are available to me?
On the basis that you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for for permission to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the Court. However, you will be required to demonstrate that you have used your best endeavours to track down the freeholder. On the whole an enquiry agent may be useful to conduct investigations and prepare a report to be accepted by the court as proof that the freeholder can not be located. It is advisable to get professional help from a property lawyer both on devolving into the landlord’s absence and the vesting order request to the County Court overseeing New Invention.
I purchased a basement flat in New Invention, conveyancing having been completed October 1996. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in New Invention with a long lease are worth £227,000. The average or mid-range amount of ground rent is £50 invoiced every year. The lease ceases on 21st October 2093
With 72 years unexpired the likely cost is going to be between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.
How and when do I cover the costs of the Stamp Duty Land Tax chargeable for my house transaction in New Invention?
Most conveyancing practitioners will fill out a Land Transaction Return Form for you during your New Invention conveyancing transaction for you to sign. On completion your conveyancing practitioner will submit the Land Transaction Return Form to the Inland Revenue and - assuming they have the money - discharge any Stamp Duty liability for you.