What is the best way to find the right lawyer who can provide a high level service for our conveyancing in Plymstock?
First ask the people you trust who they would recommend.
Option 2 is to look on the internet for conveyancing in Plymstock. Phone a couple or more firms listed and invite them to email you their conveyancing estimate and speak to the lawyer who will handle your conveyancing ahead ofmaking your decision.
Option 3 is to use our search tool to assist you in finding the right solicitors taking into account your unique requirements including the type of property,timings, complexity and who the proposed lender is. Resist the temptation to opt for £100 conveyancing in Plymstock
IfI were to purchase a simple residential housein Plymstock mortgage fee and dispense with a survey and no local authority searches how much could I expect to have to pay for conveyancing in Plymstock?
Any savings you would make will be isolated to the disbursement for searches. The solicitor still got to do everything else - money laundering, correspond with the vendors solicitor, stamp duty submission, register the title etc. You might save a bit for them not needing to register a mortgage but it will not be significant.
My uncle passed away last year and as sole heir and executor I was left the house in Plymstock. The house had a relatively small loan remaining of approximately £8000. I want to transfer the title deeds into my name whilst I re-mortgage to UBS, pay off the mortgage. Is this possible?
If you plan to re-mortgage then UBS will require that you use a conveyancer on the UBS conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your UBS conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the UBS mortgage is registered as a charge at the Land Registry.
Over the last few months I have been searching for a flat up to £245,000 and found one round the corner in Plymstock I like with a park and railway links in the vicinity, the downside is that it only has 52 years unexpired on the lease. I can't really find anything else in Plymstock for this price, so just wondered if I would be making a grave error buying a lease with such few years left?
If you need a home loan the shortness of the lease will be a potential deal breaker. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I am a negotiator for a busy estate agency in Plymstock where we see a number of flat sales derailed due to short leases. I have been given conflicting advice from local Plymstock conveyancing solicitors. Can you confirm whether the owner of a flat can start the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done before, or simultaneously with completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
Leasehold Conveyancing in Plymstock - Sample of Queries before buying
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Who takes responsibility for maintaining and repairing the building? Is the freehold reversion owned jointly by the leaseholders? Please note if it is fewer than eighty years it will have adverse implications on the value of the property. Check with your bank that they are willing to lend given the lease term. A short lease means that you will almost definitely have to extend the lease sooner rather than later and it is worth discovering how much this would cost. Remember, in most cases you will need to own the residence for a couple of years before you are eligible to extend the lease.
My wife and I are buying a 2 bedroom flat in Plymstock. At the time of instructing our conveyancer, they assured us that they were on all major UK lender panels. The mortgage broker contacted us today to advise that they are not on the Virgin Money approved list. Were it to be true, what should we do? Do we just find a new property lawyer that is on their approved list or do we cover the costs for dual representation, with Virgin Money selecting their own preferred conveyancer.
When acquiring a property with mortgage finance it is standard for the purchaser’s lawyers to also represent the purchaser's lender. In order to act for a bank or building society a property lawyer has to be on that lender's list of approved lawyers. An application has to be made by the property lawyer to the lender to become a member of the lender's panel and there are increasingly strict conditions which the conveyancing practitioner has to fulfill. Some building societies now require their panel firms to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should call Virgin Money and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on Virgin Money's conveyancing panel as you are at liberty to use your preferred Plymstock lawyers, in which case your legal fees may increase, and it will likely delay the transaction as you have another set of people involved.