It is 10 years ago since I purchased my home in Tadley. Conveyancing solicitors have recently been instructed on the sale but I can't track down the deeds. Will this cause complications?
You need not be too concerned. First the deeds may be retained by your lender or they may be in the possession of the conveyancers who acted in your purchase. Secondly in all probability the land will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers procuring current official copies of the land registers. Most conveyancing in Tadley involves registered property but in the unlikely event that your home is unregistered it adds to the complexity but is not insurmountable.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Tadley?
There are many recorded licenced Conveyancers in Tadley and Solicitor practices in Tadley to choose from It is important to make clear that the two are regulated professionals specialising in the legal aspects of the home buying process. Both can handle other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
We had selected conveyancing lawyers locally in Tadley on the Co-operative solicitor approved list. They have just billed me an additional sum for the legal aspects of the Co-operative mortgage. Is this a supplemental conveyancing fee specified by Co-operative?
As unfair as it may appear, as long as it’s in their Terms of Engagement or Quote then yes your solicitor is entitled to charge a fee for this. This fee is not dictated by Co-operative but by your Tadley lawyer. Numerous firms on the Co-operative panel will levy an ‘acting for lender’ fee and others do not.
I have today made my last payment due on my mortgage with Bank of Ireland. I assume I don't need a Tadley solicitor on the Bank of Ireland panel to discharge the mortgage at the Land Registry. Am I right?
If you have finished paying off your Bank of Ireland mortgage, they may send you evidence showing that you have paid it off. Alternatively they may notify the Land Registry directly. The Land Registry need to see this evidence before they will remove the Bank of Ireland mortgage from the register. Bank of Ireland, and any evidence they send you, will determine the action you need to take. In cases where no conveyancer is acting for you and you have paid off your mortgage:
- but are not moving to another property
- where Bank of Ireland has sent the Land Registry the discharge electronically, and
- Bank of Ireland has instructed the Land Registry to do so
How does conveyancing in Tadley differ for new build properties?
Most buyers of new build residence in Tadley contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is completed. This is because new home sellers in Tadley typically acquire the land, 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 conveyancing solicitors 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 accustomed to new build conveyancing in Tadley or who has acted in the same development.
I've recently found out that there is a flying freehold element on a property I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Tadley is where the house is located. Can you offer any opinion?
Flying freeholds in Tadley are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Tadley you must be sure that your lawyer goes 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 Tadley 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 premises.
Last February I purchased a leasehold flat in Tadley. Do I have any liability for service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part 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 1st floor flat in Tadley, conveyancing formalities finalised 5 years ago. Can you work out an approximate cost of a lease extension? Equivalent flats in Tadley with an extended lease are worth £191,000. The ground rent is £55 levied per year. The lease ceases on 21st October 2072
With just 53 years unexpired we estimate the price of your lease extension to range between £27,600 and £31,800 plus costs.
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. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not take any other action based on this information before seeking the advice of a professional.