I have justbeen informed that Arc property Solicitors have closed. They conducted my conveyancing in Theale for a purchase of a freehold house 18 months ago. How can I establish that my home is in my name in the name of the previous owner?
The quickest way to check if the property is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Theale conveyancing specialists.
How does conveyancing in Theale differ for newly converted properties?
Most buyers of new build or newly converted property in Theale approach us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because house builders in Theale typically buy 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 conveyancers 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 Theale or who has acted in the same development.
Due to the advice of my in-laws I had a survey completed on a house in Theale prior to retaining conveyancers. I have been told that there is a flying freehold overhang to the property. Our surveyor has said that some banks may not grant a loan on a flying freehold home.
It varies from the lender to lender. Lloyds has different requirements from Halifax. If you contact us we can check via the relevant bank. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Theale. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Theale to see if the conveyancing costs will increase in light of this.
I work for a long established estate agency in Theale where we see a number of flat sales jeopardised due to leases having less than 80 years remaining. I have been given contradictory information from local Theale conveyancing solicitors. Could you confirm whether the seller of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I bought a 1 bedroom flat in Theale, conveyancing formalities finalised 6 years ago. Can you please calculate a probable premium for a statutory lease extension? Comparable flats in Theale with a long lease are worth £185,000. The ground rent is £65 levied per year. The lease comes to an end on 21st October 2082
With just 60 years unexpired the likely cost is going to be between £20,000 and £23,000 as well as professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to advice on a more accurate figure without more detailed investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
Why can I not complete our conveyancing in Theale on Good Friday?
This is due to the fact that on completion the funds needs to be transferred electronically between the banks of the purchaser and seller's conveyancer and currently this can only occur on a working day. It is not possible to complete on a weekend either.