Hi All,
I am very new in the property buying procedure and this is my first time.
Situation: I like one cross lease property, but the title plan is not matching the actual property. it looks like they have added a part in the house. To me the title is defective
I have no experience and don't know how I will confirm this before going to lawyer all I know that I have title, If I am comfortable after satisfactory LIM and building report than I will see how much it cost to correct the title. I have following questions:
Note: This will be my first property and I am planning to live at least 5 years in it but strongly would like to sell after that
1) Is it worthy to buy the property and correct the title?
2)If I am correcting the title how much does it cost me?
3) Is it worthy to correct the title or convert to free hold?
4) If site is converted to free hold still I need to correct the title/flat plan(the picture on title)?
5) How many steps are involved converting from cross lease to free hold?
6) how much should I put a side for this conversion?
7) Where to get lease memorandum of that property?
What is the easiest way to find whether the work on house was done consented or non-consented?
Please note that the other cross lease part/house is also in the market.
May be some of my questions will not make sense to you guys as you all must have good knowledge, I am very new so need some friendly advice.
Regards,
Rocky
I am very new in the property buying procedure and this is my first time.
Situation: I like one cross lease property, but the title plan is not matching the actual property. it looks like they have added a part in the house. To me the title is defective
I have no experience and don't know how I will confirm this before going to lawyer all I know that I have title, If I am comfortable after satisfactory LIM and building report than I will see how much it cost to correct the title. I have following questions:
Note: This will be my first property and I am planning to live at least 5 years in it but strongly would like to sell after that
1) Is it worthy to buy the property and correct the title?
2)If I am correcting the title how much does it cost me?
3) Is it worthy to correct the title or convert to free hold?
4) If site is converted to free hold still I need to correct the title/flat plan(the picture on title)?
5) How many steps are involved converting from cross lease to free hold?
6) how much should I put a side for this conversion?
7) Where to get lease memorandum of that property?
What is the easiest way to find whether the work on house was done consented or non-consented?
Please note that the other cross lease part/house is also in the market.
May be some of my questions will not make sense to you guys as you all must have good knowledge, I am very new so need some friendly advice.
Regards,
Rocky
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