Recently contacted my conveyancing lawyer in Kingston who conducted the legals 18 months ago requesting a conveyancing quote based on the same type of home move (a leasehold residence and a freehold property) of similar values with a loan from Virgin Money. I am now being charged double. Better the devil I know or should I seek out an alternative property lawyer?
The estimate does seem a little on the high side. If you shop around you could reduce the fees marginally by perhaps £125. On the other hand, if you were satisfied with the service the firm offered you couldcome to rue choosing an an untested lawyer. If is important to check that the conveyancer can also act for Virgin Money. You can utilise our search tool to locate a Kingston conveyancing firm on the Virgin Money conveyancing panel, which can often include conveyancing solicitors in Kingston.
I had a mortgage agreed in principle with UBS. Kingston conveyancing solicitors are appointed. What is the average time that one could expect to receive a mortgage offer from UBS?
Some lenders take longer than others. Have UBS done the valuation? Have you advised UBS as to your lawyers' details and checked that your lawyers are on the UBS conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I'm in the process of viewing houses in Kingston and I am about to put in an offer. Is it best to have a lawyer on ‘stand by’? I am planning to take a mortgage with Bank of Ireland.
It would be advisable to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and forward their details on to the EA. As you are seeking a mortgage with Bank of Ireland, make sure you remember to check that your lawyer is on the Bank of Ireland conveyancing panel.
Having digested plenty of mortgage guides, I note that it is considered advisable to get your house surveyed prior to buying it. When I asked my local Kingston solicitor - who is on the Nottingham conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Nottingham will need an independent valuation of the property. Your lawyer will not arrange this. Usually Nottingham will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. You may wish to consider appointing your own Kingston surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
Just had an offer accepted on a new build apartment in Kingston. Conveyancing is a frightening process at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below is a sample of a selection of leasehold new build enquiries that you may expect your new-build leasehold conveyancing in Kingston
-
Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are architect prepared. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Please supply a car parking plan. If there are lifts in the building, please confirm that the owners of flats on the ground and basement floors will not be required to contribute towards the cost of maintenance and renewal.
I have been on the look out for a leasehold apartment up to £195,000 and found one near me in Kingston I like with amenity areas and station in the vicinity, however it's only got 52 remaining years left on the lease. I can't really find anything else in Kingston in this price bracket, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years may be a potential deal breaker. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing owner has owned the premises for at least 2 years you could request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should consult your conveyancing lawyer about this matter.
My brother has urged me to instruct his lawyers for conveyancing in Kingston. Should I use them?
No doubt it’s preferable to find a conveyancing solicitor is to have recommendations from friends or relatives who have actually previously instructed the conveyancer that you are are thinking of instructing.
I am attracted to a two apartments in Kingston both have about fifty 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 Kingston is a deteriorating asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and banks, leases with less than 75 years become less and less marketable. On a more upbeat 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 Kingston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 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.
I acquired a 1 bedroom flat in Kingston, conveyancing having been completed in 2007. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Kingston with a long lease are worth £180,000. The ground rent is £65 yearly. The lease comes to an end on 21st October 2082
With just 58 years remaining on your lease the likely cost is going to range between £22,800 and £26,400 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of comprehensive investigations. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.