Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when buying a residence in Stokesley?
Unless a previous acquisition of the house completed after 12 October 2013 you can assume that solicitors handling conveyancing in Stokesley to continue to suggest a chancel search and or insurance against a claim.
I decided to have a survey carried out on a property in Stokesley before instructing solicitors. I have been advised that there is a flying freehold element to the house. Our surveyor has said that some mortgage companies tend not issue a loan on such a property.
It depends who your proposed lender is. Santander has different requirements for example to Birmingham Midshires. If you call us we can investigate further with the relevant bank. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Stokesley. Conveyancing will be smoother if you use a solicitor in Stokesley especially if they are familiar with such properties in Stokesley.
Am I better off to go with a Stokesley conveyancing solicitor who is local to the property I am purchasing? An old friend can deal with the legal work however his firm is located 200miles drive away.
The benefit of a local Stokesley conveyancing firm is that you can pop in to execute paperwork, deliver your ID and pester them if necessary. They will also have local intelligence which is a plus. That being said it's more important to get someone that will pull out all the stops for you. If other friends have instructed your friend and they were content that should surpass using an unfamiliar Stokesley conveyancing lawyer solely due to them being Stokesley based.
I've recently bought a leasehold house in Stokesley. Am I liable to pay service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous owner 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. A critical element 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).
I acquired a 2 bed flat in Stokesley, conveyancing was carried out in 2002. Can you let me have an estimated range of the fair premium for a lease extension? Similar properties in Stokesley with over 90 years remaining are worth £180,000. The average or mid-range amount of ground rent is £65 invoiced every year. The lease ends on 21st October 2083
With 58 years remaining on your lease we estimate the price of your lease extension to range between £22,800 and £26,400 as well as costs.
The suggested premium range 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 investigations. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be considered and clearly you should be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information before getting professional advice.
Two months into buying a property in Stokesley. Conveyancing lawyer has called to say the property is "Leasehold". Does this make a difference on our mortgage valuation?
Stokesley conveyancing does not ordinarily involve leasehold houses. The main factor here is the remaining lease term and the ground rent. If there are over a hundred years remaining with a peppercorn rent, it's almost the same as freehold, so it shouldn't impact the saleability significantly.
On the flip side, if it's, say, fifty five years it will have a material impact on the value, and most likely wouldn't be mortgageable. The length of lease and ground rent will be specified in the lease provided to your conveyancer.