Just been in touch with my conveyancing solicitor in Buckingham who completed the legal work 18 months ago requesting a conveyancing quote based on the same type of house sale & purchase (a leasehold premises and a freehold property) of similar values with a mortgage from Leeds Building Society. I am now being quoted twice the amount. Stick with what I know or do I seek out an alternative property lawyer?
The estimate does seem a little on the high side. If you shop around you might decrease the fees marginally by say £125. That being said, providing that you were satisfied with the service the firm offered you couldlive to regret opting for an an unknown lawyer. If is important to enquire that the conveyancer can also act for Leeds Building Society. You can utilise our search tool to choose a Buckingham conveyancing firm on the Leeds Building Society approved list of lawyers, which can often include conveyancing solicitors in Buckingham.
How can we tell if a Buckingham conveyancing solicitor on the Aldermore panel is any good?
When it comes to conveyancing in Buckingham obtaining recommendations is a sensible starting point. Before you go ahead, check if they offer a no sale no fee offer. Also, you often get what you pay for - a firm which quotes more, will often provide a better service than one which is cheap as chips. We would always recommend that you speak with the solicitor carrying out your transaction.
It is unclear whether my bank requires a lease extension. I have called into my local Buckingham building society branch on a couple of occasions and was told it does not impact the mortgage offer and they would lend. My Buckingham conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they refuse to lend in accordance with their specific requirements. I simply don't know who is right.
Provided that the property lawyer is on the mortgage company panel, she or he must adhere to the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the bank will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am due to exchange contracts on my house. I had a double glazing fitted in January 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Principality are being problematic. The Buckingham solicitor who is on the Principality conveyancing panel is recommending indemnity insurance as a solution but Principality are insisting on a building regulation certificate. Why do Principality have a conveyancing panel if they don't accept advice from them?
It is probably the case that Principality have referred the matter to their valuer. The reason why Principality may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
Various internet forums that I have visited warn that are the main cause of stalling in Buckingham house deals. Is this right?
The Council of Property Search Organisations (CoPSO) has noted the conclusions of a review by MoveWithUs that conveyancing searches do not figure amongst the top 10 causes of hindrances during the legal transfer of property. Searches are not likely to be the root cause of delay in conveyancing in Buckingham.
Do I need to be concerned by 3rd parties that I am dealing with are encouraging me to use an internet conveyancing firm rather than a local Buckingham conveyancing firm?
As with lots of professional services, often suggestions from family and friends can be very helpful. Nevertheless there are lots of people with a keen interest in a conveyancing transaction; estate agents, financial adviser and lenders may recommend conveyancers to use. Sometimes the lawyers might be known to one of the organisations as experts in their field, but occasionally there is an underlying financial incentive behind the endorsement. You are at liberty to choose your preferred conveyancer. Don't forget that most banks have an approved list of law firms you are obliged to use for the lender aspect of your house move.
I've recently bought a leasehold house in Buckingham. Am I liable to pay service charges relating to a period prior to my ownership?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a 1st floor flat in Buckingham, conveyancing was carried out September 2001. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Buckingham with an extended lease are worth £206,000. The ground rent is £45 levied per year. The lease runs out on 21st October 2091
With just 66 years remaining on your lease we estimate the price of your lease extension to be between £11,400 and £13,200 as well as professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. You should not use the figures in a Notice of Claim or as an informal offer. 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 take any other action based on this information without first seeking the advice of a professional.
I dont have enough spare cash to pay a 10% deposit on my apartment purchase in Buckingham , but I am anxious go ahead. Do I have options?
You can agree a lower deposit. Many property owners will agree to a lesser deposit or even no deposit for a first time buyer or 100% mortgage. Be aware though that if you fail to complete you will still need to hand over a minimum of 10% of the purchase price regardless of how much deposit was agreed.
You can also agree a simultaneous exchange and completion as no deposit is required for this however neither party will be tied in until completion actually takes place and it can be risky if sellers change their mind at the last second