It is a dozen years since I acquired my house in Wick. Conveyancing lawyers have recently been retained on the sale but I am unable to track down the title deeds. Is this a problem?

You need not be too concerned. First the deeds may be retained by the lender or they could be archived with the conveyancers who acted in your purchase. Secondly in all probability the land will be registered at the land registry and you will be able to prove you own the property by your conveyancing solicitors acquiring up to date copy of the land registers. Nearly all conveyancing in Wick involves registered property but in the unlikely event that your property is unregistered it adds to the complexity but is resolvable.

How does conveyancing in Wick differ for newly converted properties?

Most buyers of new build premises in Wick contact us having been asked by the housebuilder to sign contracts and commit to the purchase even before the premises is constructed. This is because developers in Wick usually buy 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 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 Wick or who has acted in the same development.

Yesterday I discovered that there is a flying freehold element on a property I put an offer in last month in what was supposed to be a quick, chain free conveyancing. Wick is the location of the property. Can you shed any light on this issue?

Flying freeholds in Wick are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Wick 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 Wick 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 residence.

I need to find a conveyancing solicitor for sale conveyancing in Wick. I have chance upon a web site which looks to be the perfect answer If it is possible to get all the legals completed via web that would be preferable. Should I be wary? What should out be looking out for?

As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?

I am tempted by the attractive purchase price for a couple of flats in Wick both have approximately fifty years remaining on the lease term. Should I regard a short lease as a deal breaker?

There is no doubt about it. A leasehold apartment in Wick 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 value of the premises. For most purchasers and banks, leases with under eighty years become less and less attractive. On a more positive 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 a residence 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 Wick conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. 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.

Wick Conveyancing for Leasehold Flats - Sample of Questions you should ask Prior to buying

Best to be warned if window replacement or some other major work is anticipated that will be shared amongst the leaseholders and may well dramatically impact the level of the maintenance charges or require a specific payment. Be sure to discover if the the lease contains any onerous restrictions in the lease. For example it is very common in Wick leases that pets are not permitted in certain buildings in Wick. If you like the flatin Wick however your cat is not allowed to move with you then you have a very difficult determination. What is the name of the managing agents?