What does a local search tell me about the house I am purchasing in Old Town?

Old Town conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search company such as Searches UK The local search is essential in every Old Town conveyancing purchase; as long as you wish to avoid any nasty once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject areas.

Just acquired a terraced house in Old Town , how long should it take for the Land Registry to record my ownership? My Old Town conveyancing solicitor has been very slow, so I want to check that my purchase is registered.

As far as conveyancing in Old Town registration is no quicker or slower than anywhere else in England and Wales. As opposed to being determined by geographic area, timeframes can vary depending on the party submitting the application, whether it is in order and whether the Land registry must send notices to any third parties. Currently roughly 80% of such applications are completed within 12 days but some can be subject to longer delays. Historically registration occurs once the new owner is living at the property therefore 'speed' is not usually primary concern yet if there is a degree of urgency associated with the registration then you or your lawyers can contact the land registry and explain the circumstances.

I am buying my first flat in Old Town with a mortgage from TSB. The sellers would not reduce the amount so I negotiated £7000 of additionals instead. The sale representative told me not to tell my lawyer about this extras as it would jeopardize my loan with TSB. Should I keep quiet?.

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.

My husband and I are novice buyers - had an offer accepted, but the estate agent has warned us that the vendor will only go ahead if we instruct their chosen conveyancers as they need an ‘expedited deal’. Our preferred option is to instruct a family conveyancer who is accustomed to conveyancing in Old Town

We suspect that the seller is not behind this ultimatum. Should the seller require ‘a quick sale', taking such a hostile approach to a motivated purchaser is counter productive. Speak to the owners direct and make the point that (a)you are genuine purchasers (b)you are excited to move forward, with mortgage lined up © you do not need to sell (d) you wish to move quickly (e)however you intend to appoint your preferred Old Town conveyancing lawyers - not the ones that will earn the estate agent a commission or achieve conveyancing targets set by corporate headquarters.

I am attracted to a two maisonettes in Old Town which have in the region of 50 years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold flat in Old Town is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the property. The majority of buyers and lenders, leases with under eighty years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Old Town conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.

Leasehold Conveyancing in Old Town - Examples of Questions you should ask before Purchasing

Is anyone aware of any major works on the horizon that could add a premium to the service costs? It would be wise to discover as much as possible concerning the company managing the block as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are often in the clutches of the managing agents from a financial perspective and when it comes to day to day matters like the tidiness of the common parts. You should not be afraid to ask other people what they think of them. Finally, be sure you understand the dates that you are obliged pay the service charge to the relevant party and precisely what it includes. How is the lease structured?