The conveyancer who assisted with my former purchase has quoted £1400 for leasehold conveyancing in Castle Cary. I’m looking to sell a purpose built property for £250,000. Are these conveyancing fees excessive? Is it above what I should be paying for conveyancing in Castle Cary?
The costs illustration is slightly on the expensive side. If you shop around you might decrease the fees slightly by as much as £100 plus VAT. On the other hand, you maylive to rue choosing an a cheaper solicitor. If is important to enquire that the solicitor can represent your lender. Do utilise our search tool to choose a Castle Cary conveyancing practice on the lender’s member panel which can often include conveyancing solicitors in Castle Cary.
Our Castle Cary conveyancer has uncovered an inconsistency when comparing the information in the home valuation report and what is revealed within the title deeds. My lawyer says that he needs to check that the lender is happy with this discrepancy and is still content to lend. Is my conveyancer’s course or action right?
Your conveyancer must comply with the UK Finance Lenders’ Handbook requirements which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
I'm purchasing a new build house in Castle Cary with a mortgage from HSBC Bank. The developers refused to budge the amount so I negotiated 6k of additionals instead. The house builders rep told me not disclose to my lawyer about this extras as it will adversely affect my loan with the bank. Is this normal?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a flat up to £305k and found one near me in Castle Cary I like with a park and transport links in the vicinity, however it's only got 51 years on the lease. I can't really find anything else in Castle Cary for this price, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the offer 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 can ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Do I need to be concerned that estate agents that I am dealing with are recommending a nationwide conveyancing firm as opposed to a local Castle Cary conveyancing practice?
As with lots of professional services, often referrals from family and friends can be worth their weight in gold. But there are lots of players in a conveyancing matter; estate agents, mortgage brokers and lenders might all suggest solicitors to retain. On occasion these lawyers might be known to one of the organisations as experts in their field, but occasionally there may be a financial incentive behind the recommendation. You have the right to appoint your own conveyancer. However, bear in mind that most mortgage providers operate an approved list of conveyancers you have to use for the lender aspect of your house move.
I am attracted to a couple of apartments in Castle Cary which have about 50 years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold apartment in Castle Cary is a deteriorating asset as a result of the reducing lease term. The nearer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. For most purchasers and lenders, leases with less than eighty years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Castle Cary conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I purchased a split level flat in Castle Cary, conveyancing was carried out December 2005. 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? Similar flats in Castle Cary with over 90 years remaining are worth £216,000. The ground rent is £50 yearly. The lease ends on 21st October 2092
You have 68 years left to run we estimate the premium for your lease extension to be between £9,500 and £11,000 as well as legals.
The figure above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.