I instructed a Barnstaple based solicitor for my conveyancing in Barnstaple recently. Upon checking the Ts and Cs I seeI am on the hook for fees even if our purchase aborts. Would I be best advised to choose a web based firm advertising no move no charge conveyancing in Barnstaple?
Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the conveyancing charges will tend to be be uplifted to counteract the cases that fail to complete. Please beware that these promotions tend not to cover expenditure by way of example Barnstaple conveyancing search fees.
Completed the sale of my flat in Barnstaple last February yet the purchaser is SMS messaging daily to moan that her solicitor needs to hear from mine. What are the post completion sale legalities following completion?
Following your sale your conveyancer should deliver the transfer documentation and all additional paperwork to the buyer’s conveyancer. If applicable, your lawyer should also evidence that the mortgage has been repaid to the buyers conveyancers. There is unlikely to be post completion requirements just for conveyancing in Barnstaple.
I am about to put an offer on a leasehold flat in Barnstaple. The property agents advise that it is usual for flats in Barnstaple to have less than 75 years unexpired on the lease. I am expecting a mortgage with The Mortgage Works. Is this going to be a problem if the lease has 72 years to go.
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are getting a mortgage then your lender may insist that the lease be extended before competition. The Mortgage Works have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 14/4/2021 the requirements read as follows :
Where the unexpired lease term is different to that recorded on the mortgage offer, the following clarifies if we need to be informed:
Second hand property:
- If the unexpired lease term on the offer is 85 years or more - only advise us if the actual lease term is less than 85 years
- if the unexpired lease term on the offer is less than 85 years – advise us if the actual lease term is different than reported
- For equity share applications - advise us if the actual lease term is different than reported on the offer
New build property:
- If the unexpired lease term stated on the offer is 125 years (flat) / 250 years (house) or more - only advise us if the actual lease term is less than 125 years (flat) / 250 years (house)
- For equity share applications - always advise us if the actual lease term is different than reported on the offer
Lease terms such as ground rent and event fees must be reasonable at all times during the term of the lease and adhere to our requirements below. If you’re unsure as to whether the terms of a lease are unreasonable or onerous, please refer the details to us in plain English for Valuer consideration. If the potentially onerous terms are in relation to the ground rent please include the current ground rent figure per annum, how often it will be reviewed and the price structure it will be reviewed against. See the guidance below.
SECOND HAND PROPERTIES
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term less than 70 years
- Less than 30 years remaining at the end of the mortgage term
- Ground Rent greater than 0.5% of the property value
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
- Ground Rent review period less than or equal to 5 years
Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Unexpired lease term is 70 to 85 years
- Ground Rent greater than 0.1% and less than or equal to 0.5% of the property value
- Ground Rent escalation is linked to any indices greater than RPI
- Ground Rent escalation is linked to the value of the building*
- Ground Rent review period is greater than 5 and less than 10 years
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything that appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Originations):
- Unexpired lease term greater than 85 years
- Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than or equal to 10 years
- Ground Rent escalation less than or equal to RPI
NEW BUILD PROPERTIES (includes office conversions)
Unacceptable - advise Originations (Will be declined):
- Unexpired lease term less than 125 years on a new build flat or less than 250 years on a new build house
- Starting Ground Rent greater than 0.1% of the property value
- Ground Rent review period less than or equal to 5 years
- Ground Rent doubles less than every 20 years (e.g. doubles every 5, 10 or 15 years) - acceptable if doubles every 20 years or more
- Ground Rent is compounded RPI
Refer to Originations (Valuer will consider any impact on valuation figure and marketability):
- Ground Rent is linked to any indices greater than RPI
- Ground Rent is linked to the value of the building*
- Event clauses exist for normal use e.g. changing the carpet, installing a TV aerial etc
- Estate Rent Charges greater than £500 p/a (please provide details of what the charges cover)
- Service Charges greater than 0.5% of property value p/a (please provide details of what the charges cover)
- Anything else appears onerous, unusual or out of the ordinary
Acceptable (no requirement to advise Originations):
- Unexpired lease term greater than or equal to 125 years on a new build flat or greater than or equal to 250 years on a new build house
- Starting Ground Rent less than or equal to 0.1% of the property value
- Ground Rent review period greater than 5 years
- Ground Rent escalation less than or equal to RPI
* Where the Ground Rent escalation is linked to the value of the building, please provide the following:
- How is the value of the block/unit currently calculated and if the assessment relates to the block(s), how is the Ground Rent calculated/apportioned per property?
- The current valuation and Ground Rent for each unit
- What is the mechanism for future valuations of the block and how is the Ground Rent calculated/apportioned?
- What is the right of appeal? And is this a documented process within the lease?
- Who bears the cost of the valuation (and appeal) process?
- Confirmation the review period is not less than twenty years
The deeds to our property are lost. The lawyers who conducted the conveyancing in Barnstaple 4 years ago no longer exist. What are my next steps?
Assuming you have a registered title the details of your proprietorship will be evidenced by the Land Registry under a Title Number. It is possible to perform a search at the Land Registry, locate your property and get up to date copies of the Registered Entries for less than a fiver. If the property is Leasehold then the Land Registry will also normally retain a certified copy of the Registered Lease and again, a copy can be retrieved for a small fee.
Am I best advised to instruct a Barnstaple conveyancing practitioner who is local to the property I am purchasing? An old friend can execute the conveyancing however her office is 200miles drive away.
The benefit of a local Barnstaple conveyancing firm is that you can visit the firm to sign documents, hand in your ID and pester them if necessary. They will also have local knowledge which is a bonus. That being said it's more important to get someone that will do a good and efficient job. If other friends have used your friend and they were happy that should surpass using an unfamiliar Barnstaple conveyancing lawyer solely due to them being round the corner.
What is the average conveyancing fee for conveyancing in Barnstaple?
The average cost last year for conveyancing in Barnstaple was £1,500 excluding Stamp Duty and HM Land Registry fees.