My family lawyer has quoted £1200 for no sale no fee conveyancing in Bickley. I’m looking to sell a purpose built house for £150,000. This seems over the top. Is it in excess of what I should be paying for conveyancing in Bickley?
The quote is slightly on the high side. If you shop around you could shave off some of the cost by say £125. On the other hand, you couldcome to regret choosing an an untested lawyer. Remember to ensure the firm can also act for your mortgage company. You can utilise our comparison tool to select a Bickley conveyancing practice on the banks approved list of lawyers which can often include conveyancing solicitors in Bickley.
I have Fifty Six years remaining on my lease and require a lease extension for my apartment in Bickley. Conveyancing solicitors on the The Mortgage Works panel can deal with such extensions right?
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 15/4/2021 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
I have recentlyfound out that Action Conveyancing have been shut down. They carried out my conveyancing in Bickley for a purchase of a leasehold flat 12 months ago. How can I establish that my home is not still registered in the name of the former proprietor?
The quickest method to see if the property is registered to you, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Bickley conveyancing specialists.
I am looking for a leasehold apartment up to £245,000 and identified one near me in Bickley I like with amenity areas and station nearby, however it's only got 61 remaining years left on the lease. There is not much else in Bickley for this price, so just wondered if I would be making a grave error buying a short lease?
Should you need a mortgage the remaining unexpired lease term will be an issue. Discount the price by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
I am using a search engine for the words cheap conveyancing in Bickley it shows results of many property lawyerslocally. How do I determine which is the right solicitor for me?
The ideal method of choosing a suitable conveyancer is via trusted recommendation, so enquire of colleagues and those you trust who have purchased a property in Bickley or the reputable estate agent or mortgage broker. Fees for conveyancing in Bickley vary, so it's a good idea to request at least four fee estimates from different conveyancers. Dont forget to clarify that the fees are fixed.
All being well we will complete the sale of our £350,000 flat in Bickley on Tuesday in a week. The management company has quoted £420 for Certificate of Compliance, building insurance schedule and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Bickley?
Bickley conveyancing on leasehold maisonettes normally results in fees being invoiced by freeholders :
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Answering conveyancing due diligence questions
Where consent is required before sale in Bickley
Supplying insurance information
Deeds of covenant upon sale
Registering of the assignment of the change of lessee after a sale
I inherited a first flat in Bickley. Given that I can not reach agreement with the freeholder, can the Leasehold valuation Tribunal determine the amount payable for a lease extension?
Most certainly. We are happy to put you in touch with a Bickley conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Bickley residence is 1 Southlands Court Southlands Road in September 2013. The Leasehold Valuation Tribunal determined that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 of the Leasehold Reform, Housing and Urban Development Act 1993 was £30,541 This case was in relation to 1 flat. The number of years remaining on the existing lease(s) was 50.57 years.