Will my conveyancing lawyers need to check that the building insurance for my purchase of a house in Stony Stratford. My lender is The Mortgage Works
The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 17/7/2019, the requirements read as follows :
Despite weeks of looking the Title Certificate and documents to our home are lost. The solicitors who handled the conveyancing in Stony Stratford 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 easy to conduct a search at the Land Registry, identify your house and get current copies of the Registered Entries for less than a fiver. If the title is Leasehold then the Land Registry will also normally retain a file copy of the Registered Lease and again, a copy can be ordered for twenty pounds.
How does conveyancing in Stony Stratford differ for newly converted properties?
Most buyers of new build property in Stony Stratford approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is ready to move into. This is because builders in Stony Stratford usually purchase the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Stony Stratford or who has acted in the same development.
What advice can you give us when it comes to finding a Stony Stratford conveyancing firm to carry out our lease extension conveyancing?
When appointing a solicitor for your lease extension (regardless if they are a Stony Stratford conveyancing practice) it is imperative that he or she should be familiar with the legislation and specialises in this area of conveyancing. We advise that you speak with several firms including non Stony Stratford conveyancing practices prior to instructing a firm. If the firm is ALEP accredited then that’s a bonus. The following questions might be useful:
What are the legal fees for lease extension work? How familiar is the practice with lease extension legislation?
I purchased a studio flat in Stony Stratford, conveyancing having been completed half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Corresponding flats in Stony Stratford with an extended lease are worth £207,000. The ground rent is £60 invoiced every year. The lease ceases on 21st October 2076
With just 57 years unexpired we estimate the premium for your lease extension to be between £28,500 and £33,000 plus professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.
20 days into a sale of a flat in Stony Stratford. Conveyancing solicitors are doing their job but we have been asked to pay a fortune by the managing agents. To date we have paid £268 for a leasehold management information and then a further £134.40 for additional questions raised by the buyers lawyer.
Neither you or your lawyer will have any say over the extent of the bill for this information but the typical costs for the information for Stony Stratford leasehold property is £380. When it comes to Stony Stratford conveyancing deals it is standard for the owner to cover the charges. The landlord or their agents are under no statutory obligation to answer these questions most will agree to do so - albeit often at high prices disproportionate to the work involved. Regretfully there is no law that requires set fees for administrative tasks. Neither is there any set time frame by which they are required to issue answers.