I have just started taking steps with a view to switching my current homeowner home loan to a BTL The Mortgage Works mortgage. I have been informed by my broker that I must appoint a conveyancer as part of the process. I had a chat my past Chatteris conveyancing solicitor who acted on my behalf when I originally purchased the property. The fee calculation they've given of just over five hundred pounds is surprising as its a remortgage than a sale or purchase.
The estimate does seem a little overpriced. If you you were to look around you may be able to reduce the fees slightly by as much as £125. On the other hand, assuming were content with the service the firm gave you mightlive to rue choosing an an untested lawyer. Don't forget to be sure the firm can act for The Mortgage Works. Do use our search tool to get a quote a Chatteris conveyancing firm on the The Mortgage Works approved list of lawyers, which can often include conveyancing solicitors in Chatteris.
Should conveyancers ask for money on account for conveyancing in Chatteris?
Where you are retaining lawyers for conveyancing in Chatteris your lawyer will ask you place them with monies to cover the the cost of the conveyancing searches. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the sale price then this should be required immediately before exchange of contracts. The final balance that is due will be payable shortly before completion.
I am told that my conveyancing solicitors will need to check that the building insurance when buying a house in Chatteris. My lender is Accord Mortgages
Accord Mortgages have specific requirements as set out in the UK Finance Lenders’ Handbook. As of 15/1/2021, the requirements read as follows :
I used Stirling Law a few years past for my conveyancing in Chatteris. Now, I need my files however the law firm is no longer operating. What do I do?
You should contact the Solicitors Regulatory Authority (SRA) to help locate your conveyancing files. They can be contacted on please contact on 0870 606 2555. Alternatively, you should use their online form to make an enquiry. You will need to provide the SRA with as much information as possible to assist their search, including the name and address in Chatteris of the conveyancing firm of solicitors you previously retained, the name of conveyancing solicitor with whom you had dealings, and the date on which you last had dealings with the firm.
Is it simple use your search tool to find a conveyancing lawyer in Chatteris on the panel for my bank?
Step one is to choose a bank such as Lloyds TSB Bank, Bank of Scotland or Aldermore then specify your location a common one being Chatteris. Conveyancing organisations in Chatteris and nationally will then be listed.
I work for a reputable estate agent office in Chatteris where we have experienced a number of leasehold sales put at risk due to short leases. I have been given contradictory information from local Chatteris conveyancing firms. Can you clarify whether the seller of a flat can commence the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to commence the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.
I invested in buying a basement flat in Chatteris, conveyancing having been completed in 1999. How much will my lease extension cost? Corresponding properties in Chatteris with an extended lease are worth £176,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2101
With only 80 years remaining on your lease we estimate the premium for your lease extension to range between £7,600 and £8,800 plus legals.
The figure above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.