We are soon to complete on the purchase of a property in Mapperley but as a consequence of wreckage from the recent storms I have was able negotiate reparation from the seller in the sum of £2k in the form of a deduction in the price. This was going to be dealt with as part of a side agreement yet Yorkshire BS are not allowing this. Why were they approached?
The lawyer that is on a Yorkshire BS approved list is duty bound to inform Yorkshire BS of any changes to the purchase price. If you prohibit your lawyer to report the price change to Yorkshire BS then they would have to discontinue acting for you. In addition, Yorkshire BS and you would have to appoint a new lawyer for your conveyancing in Mapperley.
Do I have to pop into the offices of the solicitor to execute the legal charge? If so, I will appoint a lawyer who conducts conveyancing in Mapperley so that I can pop in to their offices if necessary.
These days conveyancing panel lawyers for mortgage companies carry out the vast majority of work through the post, internet or over phone calls. This means that they can undertake the legal work for your home move no matter where you live in the country. Nevertheless you can see if you can still book an appointment to visit conveyancing lawyer if just in case this is required.
I have been told that property searches are the number one reason for stalling in Mapperley house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of research by MoveWithUs that conveyancing searches do not feature within the most frequent causes of delays in the conveyancing process. Searches are not likely to be the root cause of holding up conveyancing in Mapperley.
I completed on my flat on 12 August and the transaction details are still not registered. Should I be concerned? My conveyancing solicitor in Mapperley advises it would be dealt with inside ten days. Are properties in Mapperley uniquely lengthy to register?
As far as conveyancing in Mapperley registration is no faster or slower than anywhere else in the country. Rather than based on location, timescales can vary according to who lodges the application, whether there are errors and if the Land registry need to notify any 3rd persons or bodies. At present approximately three quarters of such applications are fully dealt with in less than three weeks but some can be subject to longer delays. Registration is effected once the purchaser has moved in to the property so an expedited registration is not typically top priority but if there is a degree of urgency associated with the registration then you or your conveyancer should communicate with the Registry to express the reasoning for the application to be prioritised.
Over the last few months I have been searching for a leasehold apartment up to £305k and found one near me in Mapperley I like with open areas and station nearby, the downside is that it only has 52 years unexpired on the lease. There is not much else in Mapperley for this price, so just wondered if I would be making a mistake acquiring a short lease?
If you need a mortgage that many years will be an issue. Reduce the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the property for a minimum of 2 years you can request that they commence the lease extension formalities and pass it to you. An additional ninety years can be extended on to the current lease term and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
Back In 2003, I bought a leasehold house in Mapperley. Conveyancing and TSB mortgage organised. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Mapperley who acted for me is not around. Any advice?
The first thing you should do is make enquiries of HMLR to make sure that the individual purporting to own the freehold is in fact the registered owner of the freehold reversion. You do not need to incur the fees of a Mapperley conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that in any event, even if this is the rightful freeholder, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I am the registered owner of a garden flat in Mapperley, conveyancing was carried out in 1998. Can you work out an approximate cost of a lease extension? Comparable flats in Mapperley with over 90 years remaining are worth £211,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease ceases on 21st October 2093
With 67 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed investigations. You should not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.