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row

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  1. Read Purple Bricks terms and conditions carefully if it are thinking of using them. They have no incentive to push sales as they are guaranteed their fee. If you don't pay up front and want to pay on completion of the sale, you have to sign a credit agreement and use their on line conveyancers - unless you pay an additional fee of about £350 to be able to use your preferred firm. Go for an independent high street agent.
  2. You have to look at the registered title. Registered title is based on title deeds. If when the application for first registration was made deeds referred to in the document used for the root of title were not provided and these contained restrictive covenants, the title register will refer to the document and state it wasn't produced on first registration and the land is subject to any that were contained in that document. If you are interested in the land, pay a decent conveyancing solicitor to review the title.
  3. As you are married you would have to pay additional level stamp duty. You can't avoid it by putting the property in your wife's name. Capital gains tax would be payable on any profit over your capital gains tax allowance.
  4. If the lease provides a fixed fee for something, that is what you should pay. It's more difficult if it says "reasonable" rather than a set figure. If the lease doesn't say a fee is payable, argue it by quoting the lease wording.
  5. Conveyancer/ solicitors are important as the service you get varies greatly and they can cause major issues in a chain if they are particularly poor. Alot of mortgage brokers and agents recommend based on the referral fee they get and not on the service the client will get. Poor conveyancing is my pet hate - I have to deal with it on a regular basis.
  6. You can get a historic register but if what you are buying is registered I dont see any issue. Relevant rights, covenants etc wil be on the title. If you are buying part of a registered title, you will need a proper scale plan.
  7. Estates and Management are notorious for high admin fees. Always check the wording in the lease before paying any fee they ask for. They also try and charge their standard high notice of transfer fees when the lease provides for a percentage of the transfer price which is usually a lot lower than their standard fee.
  8. Hi Liam No the freehold title is separate from the good leasehold title. The freehold title maybe unregistered as the whole of the UK didn't become subject to compulsory registration until December 1990. Lots of people including younger conveyancers don't understand unregistered title as there is less and less of it about. I love an unregistered title! If the lease is 999 years, the freehold interest would have very little value. Developers went though a stage of selling houses with 999 year lease, particularly if the estate had communal areas, private roads etc. If the freehold title is unregistered and no one knows who the current freeholder is and where they and the deeds are, getting the freehold would be an impossible task. Without seeing title documents I can't give an definitive advice on it or why it ended up with good leasehold title rather than absolute but hopefully you understand a little more now. Row
  9. Hi Liam Are you looking at buying a flat or a house? With a leasehold property, there will always be a freehold title. Sometimes the freeholder may be missing or untraceable which is not an ideal situation and this affects saleability. Absolute leasehold is granted when the land registry is satisfied with the freehold title and that the person who granted the lease was the freehold owner. Good leasehold is granted when the land registry has not been provided with sufficient evidence of the landlords/freehold title or ability to grant the lease when the leasehold title was sent for registration . Turning to the service charge question, if you are buying a flat in a block, there should be a monthly/ annual service charge and accounts showing funds collected, expended and held in a reserve fund. If it's a maisonette, there isn't usually a service charge. Service charges for flats in larger developments / blocks can be expensive. Leasehold houses don't usually have service charges unless they are on a development with common areas, private roads etc. There is no one size fits all in property. Mortgage lenders will require a minimum unexpired term for the lease and have restrictions on the ground rent payable/ frequency of increases and method of calculating new rent. Hope this helps a little
  10. As it is registered with possessory title, who ever applied for registration would have had to provide a stat dec explaining what happened to the deeds , how long it had been occupied by them etc. Possessory title is not the end of the world and once it has been registered with possessory title for 12 years it can be upgraded to title absolute. Lenders do accept possessory title with supporting indemnity insurance. Deeds for unregistered properties do get lost.
  11. Hi Liam Would be good to connect with you. My work email is rsr@thomashorton.co.uk Just drop me an email and we can take it from there. Row
  12. Thanks for your reply. The conveyancing would be done through the firm I work for the lender should be ok with that.
  13. Hi. New to the forum and just starting looking into buying BTL properties so I can gradually replace my earned income with rental income. I work full time as a residential property solicitor (over 20 years experience) and although have thought about investing in property a few times over the years, have never done it . My job has probably been the reason I haven't taken the plunge up to now - I experienced redundancy in the 2007/2008 property crash and still see properties which sell for less than their 2007/2008 price. I am just starting my research and am looking to learn about other investors experiences, make contacts etc. I obviously don't need to worry about the conveyancing side of things as I would do that myself . I would be looking in the Birmingham area - near where I live- and also Nottingham, Leeds , Sheffield and maybe Telford area. Obviously if anyone is looking for a good conveyancing solicitor, just get in touch. Looking forward to some replies.
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