It is 10 years ago since I acquired my house in Wotton under Edge. Conveyancing lawyers have just been instructed on the sale but I am unable to track down my title deeds. Will this jeopardise the sale?
Don’t worry too much. First there is a possibility that the deeds will be with the mortgage company or they could still be with the conveyancers who acted in your purchase. Secondly the likelihood is that the land will be recorded at the land registry and you will be able to establish that you own the property by your conveyancing lawyers acquiring current official copies of the land registers. Nearly all conveyancing in Wotton under Edge relates to registered property but in the unlikely event that your home is unregistered it adds to the complexity but is resolvable.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Wotton under Edge. My lender is Tesco Bank
Tesco Bank have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 13/9/2020, the requirements read as follows :
The deeds to my home are lost. The solicitors who conducted the conveyancing in Wotton under Edge 4 years ago no longer exist. Will I be able to sell the house?
Nowadays there are copies made of almost everything, and your solicitor will know exactly where to find all the suitable paperwork so you can purchase or dispose of your house without a hitch. If duplicates can’t be found, your conveyancer may be able to put in place insurance or indemnities protecting you against possible claims on the property.
How does conveyancing in Wotton under Edge differ for new build properties?
Most buyers of new build property in Wotton under Edge approach us having been asked by the seller to sign contracts and commit to the purchase even before the residence is ready to move into. This is because house builders in Wotton under Edge tend to purchase 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 Wotton under Edge or who has acted in the same development.
I today plan to offer on a house that appears to meet my requirements, at a great figure which is making it all the more appealing. I have since discovered that it's a leasehold rather than freehold. I would have thought that there are issues purchasing a leasehold house in Wotton under Edge. Conveyancing solicitors have are about to be appointed. Will my lawyers set out the implications of buying a leasehold house in Wotton under Edge ?
The majority of houses in Wotton under Edge are freehold and not leasehold. This is one of the situations where having a local solicitor used to dealing with such properties who can help the conveyancing process. it is apparent that you are purchasing in Wotton under Edge so you should seriously consider shopping around for a Wotton under Edge conveyancing solicitor and be sure that they are used to dealing with leasehold houses. As a matter of priority you will need to check the number of years remaining. Being a leaseholder you will not be at liberty to do whatever you want to the property. The lease comes with conditions for example obtaining the landlord’sconsent to conduct alterations. You may also be required to pay a contribution towards the maintenance of the communal areas where the property is part of an estate. Your lawyer will appraise you on the various issues.
I invested in buying a garden flat in Wotton under Edge, conveyancing formalities finalised 10 years ago. Can you give me give me an indication of the likely cost of a lease extension? Corresponding properties in Wotton under Edge with an extended lease are worth £191,000. The ground rent is £55 invoiced every year. The lease comes to an end on 21st October 2074
You have 54 years remaining on your lease the likely cost is going to span between £31,400 and £36,200 plus costs.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and you obviously 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.