I was recommended to a conveyancer who has quoted £1350 for leasehold conveyancing in Thornaby. I’m selling a Victorian property for £300,000. Is this overpriced? Is it above what I should be paying for conveyancing in Thornaby?
The estimate does seem a tad overpriced. If you shop around you may be able to get the conveyancing a bit cheaper by say £125. That being said, you couldcome to regret choosing an an untested solicitor. Remember to check the conveyancer can act for your lender. You can use our comparison tool to select a Thornaby conveyancing practice on the lender’s approved list of lawyers which can often include conveyancing solicitors in Thornaby.
The owners of the property we are looking to purchase hired a conveyancing firm in Thornaby who has insisted on a exclusivity agreement with a non-refundable deposit 6,000. Are such arrangements the norm for Thornaby conveyancing transactions?
This kind of arrangement is unusual in Thornaby, conveyancers are not keen on them as they divert attention from the primary focus, namely conveyancing and if you end up losing your deposit then the lawyer is left exposed. In addition, there is no certainty that just because the owner has executed an exclusivity agreement they will sell to you. They may be tempted to break the agreement if they are offered a large enough incentive to do so because a wronged purchaser with the benefit of a lockoutcontract will still be obliged show losses as a consequence of the breach and these may not amount to the extra amount that your vendor may gain by breaching the agreement, no matter how morally condemnable the behaviour is.
I purchased a freehold premises in Thornaby but nevertheless charged rent, why is this and what is this?
It is rare for properties in Thornaby and has limited impact for conveyancing in Thornaby but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be extinguished.
Is it necessary during the course of the conveyancing process to pop into the offices of the solicitor to sign the mortgage deed? If so, I will choose one who does conveyancing in Thornaby so that I can pop in to their offices when needed.
Most approved lawyers for lenders carry out their communications through Royal Mail, internet or over phone calls. This enables them to conduct the conveyancing transaction no matter where you live in the country. That being said you can check if you have the option of going to the offices of your conveyancing lawyer if needed.
I have been on the look out for a leasehold apartment up to £195,000 and identified one round the corner in Thornaby I like with open areas and railway links in the vicinity, the downside is that it only has 49 remaining years left on the lease. I can't really find anything else in Thornaby suitable, so just wondered if I would be making a grave error purchasing a short lease?
Should you need a mortgage the shortness of the lease will likely be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass 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 about this matter.
Is it best to use a Thornaby conveyancing practitioner based in the area that I am buying? We have a good friend who can handle the legal work but his firm is located 200miles drive away.
The benefit of a high street Thornaby conveyancing practice is that you can drop in to execute paperwork, hand in your identification documents and pester them if necessary. Having local Thornaby know how is a plus. That being said nothing is more important than finding someone that will do a good and efficient job. If other friends have instructed your friend and on the whole were happy that should outweigh using an unfamiliar Thornaby conveyancing lawyer just because they are local.