What does a local search tell me about the house we're purchasing in Cornhill On Tweed?

Cornhill On Tweed conveyancing often starts with the applying for local authority searches directly from your local Authority or via a personal search organisations such as Onsearch The local search is essential in every Cornhill On Tweed conveyancing purchase; as long as you don’t want any unpleasant once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications applicable to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen subject headings.

The deeds to our property are lost. The solicitors who dealt with the conveyancing in Cornhill On Tweed 4 years ago are no longer around. Will I be able to sell the house?

You no longer need to hold title deeds to evidence that you are the registered proprietor of land or property, as the Land Registry hold details of all registered land or property electronically.

Due to the guidance of my in-laws I had a survey completed on a property in Cornhill On Tweed prior to appointing lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor advised that some lenders may not grant a mortgage on this type of premises.

It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to telephone us we can look into this further with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Cornhill On Tweed. Conveyancing will be smoother if you use a solicitor in Cornhill On Tweed especially if they regularly deal with such properties in Cornhill On Tweed.

I am attracted to a two apartments in Cornhill On Tweed which have in the region of 50 years left on the lease term. Should I regard a short lease as a deal breaker?

There are no two ways about it. A leasehold flat in Cornhill On Tweed is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and banks, leases with under eighty years become less and less marketable. 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 property 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 Cornhill On Tweed 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.

I acquired a basement flat in Cornhill On Tweed, conveyancing was carried out half a dozen years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Cornhill On Tweed with a long lease are worth £202,000. The ground rent is £55 invoiced annually. The lease expires on 21st October 2081

You have 56 years remaining on your lease we estimate the price of your lease extension to be between £29,500 and £34,000 as well as costs.

The figure that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account 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 before getting professional advice.

I'm purchasing a flat in Cornhill On Tweed. I have found my conveyancer's company on the Law Society's list, but I can't see my lawyer's name on the list. Should I be concerned?

Not every individual in the practice must be listed by the regulator. Provided there is someone qualified to 'oversee' the conveyancing, the actual day-to-day activity can be conducted by unlicensed staff.