I am in need of a conveyancer. Should I go for for a national conveyancer or a high street Cotswolds conveyancing lawyer?
Cotswolds is a unique place, where local knowledge counts for a lot. The relaxed pace of life has an upside – but not for your house move. The conveyancers that we list display specialist Cotswolds know how with a proactive, can doattitude that ensures the conveyancing to progress without delay. It is a definite plus if they can make use of long term rapport with mortgage brokers, estate agents, surveyors and counterpart Cotswolds conveyancing practices
What is your number one tip for choosing a conveyancing solicitor in Cotswolds
We would encourage you not to base your choice on the cheapest Cotswolds conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in ahead of time.
Do I choose a Licenced Conveyancer or Solicitor for conveyancing in Cotswolds?
There are many registered licenced Conveyancers in Cotswolds and Solicitor partnerships in Cotswolds to choose from It is important to make clear that the two are regulated professionals specialising in the legal work in the home buying process. Both can conduct other property legal work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
After months of negotiation I have agreed a price on an apartment in Cotswolds. My financial adviser recommended their conveyancers. I paid an upfront payment of £225. Soon after, the solicitor contacted me sheepishly admitting that they were not on the Leeds Building Society conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the Leeds Building Society panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
five months have elapsed following my purchase conveyancing in Cotswolds concluded. I have checked the Land Registry website which shows that I paid £150,000 when infact I paid £215,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Cotswolds differ for newly converted properties?
Most buyers of new build or newly converted property in Cotswolds contact us having been asked by the builder to exchange contracts and commit to the purchase even before the residence is constructed. This is because builders in Cotswolds typically acquire the site, 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 conveyancing solicitors 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 Cotswolds or who has acted in the same development.
I opted to have a survey done on a property in Cotswolds prior to instructing lawyers. I have been informed that there is a flying freehold overhang to the property. The surveyor advised that some banks tend refuse to grant a loan on a flying freehold premises.
It depends who your proposed lender is. HSBC has different instructions from Nationwide. Should you wish to call us we can check via the appropriate bank. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Cotswolds. Conveyancing may be slightly more expensive based on your lender's requirements.
I am tempted by the attractive purchase price for a two apartments in Cotswolds which have approximately 50 years left on the lease term. Should I regard a short lease as a deal breaker?
There is no doubt about it. A leasehold flat in Cotswolds is a wasting asset as a result of the reducing lease term. The closer the lease gets to zero years unexpired, the more it reduces the marketability of the premises. For most purchasers and banks, leases with less than 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 property 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 Cotswolds 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. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed 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.
Leasehold Conveyancing in Cotswolds - Sample of Queries Prior to buying
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Its a good idea to discover as much as possible concerning the company managing the building as they will affect your use and enjoyment of the property. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to daily matters such as the upkeep of the communal areas. Enquire of prospective neighbours whether they are happy with them. In conclusion, find out the dates that you are obliged pay the service charge to the relevant party and precisely what it includes. This question is useful as a) areas may result in problems for the building as the communal areas may start to deteriorate if repairs are not paid for b) if the leasehold owners have a dispute with the managing agents you will wish to have all the details