My partner’s mother is a property lawyer. I hope that I'll be able to get friends and family fee for conveyancing, but if not, what kind of costs would I typically be looking at for conveyancing in Preston Park?
Do compare pricing. Do use our search tool on this site. The quotes seem to vary but service levels do differ between solicitors as is the case with most professions.
I am acquiring a property for cash in Preston Park. I have been residing for the last twelve years in Preston Park. Conveyancing searches are a lot of money. Given that I know the area and road very well must I have all the conveyancing searches?
In the absence of a mortgage, then almost all of the Preston Park conveyancing searches are non-obligatory. Your conveyancer will try and sway you, no-doubt strongly, that you should have searches carried out, but she has a professional duty to do this. Do bear in mind; if you are likely to sell the house in the future, it will be of relevance to your prospective buyer what the searches disclose. On occasion premises with functional issues can still show up unfavourable search results. A good conveyancing solicitor in Preston Park should be able to give you some practical advice in this regard.
Please explain the implications if my lawyer’s firm is removed from the Nationwide Solicitor panel ahead of completing my conveyancing in Preston Park?
First, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in Preston Park I like with a park and railway links in the vicinity, however it's only got 61 years unexpired on the lease. There is not much else in Preston Park in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
If you require a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for a minimum of 2 years you may ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great price which is making it all the more appealing. I have since found out that the title is leasehold rather than freehold. I would have thought that there are issues buying a leasehold house in Preston Park. Conveyancing solicitors have not yet been instructed. Will they explain the issues?
Most houses in Preston Park are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can help the conveyancing process. We note that you are purchasing in Preston Park in which case you should be shopping around for a Preston Park conveyancing solicitor and be sure that they are used to transacting on leasehold houses. First you will need to check the unexpired lease term. As a leaseholder you will not be entirely free to do whatever you want with the house. The lease comes with conditions for example requiring the landlord’spermission to conduct changes to the property. It may be necessary to pay a maintenance charge towards the maintenance of the communal areas where the house is part of an estate. Your solicitor should appraise you on the various issues.
I acquired a 2 bed flat in Preston Park, conveyancing formalities finalised in 2002. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent flats in Preston Park with a long lease are worth £185,000. The ground rent is £65 charged once a year. The lease ceases on 21st October 2084
You have 60 years left to run the likely cost is going to be between £20,000 and £23,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we are not able to supply a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward placing reliance on this information without first getting professional advice.
Myself and my husband have recently had an offer accepted on a property and had an appointment on Wednesday with the Post Office for the mortgage. They advised us that when it comes to selecting a solicitor that if they are not on their approved panel of lawyers then we will be subject to an a further fee of about two hundred pounds. This is because they will then have to appoint a property lawyer to act for them in addition to the one we choose to act on our behalf and we will be on the hook for their costs. I have requested the Post Office to provide me with a list so I can seek estimates only from their approved lawyers but was told that I need to check with each individual lawyer to see if they are on the panel. Is there a list online?
You should ask the Post Office what their criteria for panel membership is for a conveyancer.Thereafter ask the solicitor of your choice whether they fit that criteria and have they acted on loans for the Post Office in the past. Where the answer to those is yes, then just double check with the Post Office. Another option is to make use of our search tool and we may be able to locate a solicitor in Preston Park on the panel for the Post Office.