IfI were to acquire a simple residential homein Cottesmore for cash and have no survey and no local authority searches how much should I expect to to save on my conveyancing in Cottesmore?
The only saving you would make on is the disbursement for searches. Your conveyancing practitioner is required to do the vast majority of work - money laundering, liaising with the vendors conveyancing practitioner, stamp duty submission, register the property etc. You might save a bit for them not having to register a mortgage however it won't be a lot.
It is is a decade since I purchased my home in Cottesmore. Conveyancing solicitors have recently been retained on the sale but I am unable to track down my deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be kept by the lender or they may be archived with the conveyancers who oversaw your purchase. Secondly in most cases the property will be registered at the land registry and you will be able to establish that you are the registered owner by your conveyancing lawyers obtaining current official copies of the land registers. Nearly all conveyancing in Cottesmore involves registered property but in the rare situation where your property is not registered it adds to the complexity but is not insurmountable.
Can you help - my lawyer says that breach of easement insurance is required on my purchase. What is the typical level of cover needed for conveyancing in Cottesmore?
The right level of breach of easement indemnity insurance should be dictated by who your lender. It would differ for example between Yorkshire Building Society and Coventry Building Society. Conveyancing solicitors as opposed to members of the public take out such insurances.
My wife and I are spending time looking at flats in Cottesmore and I am now considering a potential offer. Should I already have a lawyer appointed at this stage? I will be getting a mortgage with Lloyds.
It would be prudent to commence your search sooner rather than later. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. As you are taking out a mortgage with Lloyds, make sure you remember to check that your lawyer is on the Lloyds conveyancing panel.
It is unclear whether my bank requires a lease extension. I have telephoned my Cottesmore building society branch on various occasions and was told it wasn't a problem and they will lend. My Cottesmore conveyancing solicitor - who is on the mortgage company conveyancing panel- called to say that they refuse to lend in accordance with their specific requirements. Who do I believe?
As long as the solicitor is on the lender approved list, they must comply with the Council of Mortgage Lenders’ Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the lender 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 lender to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am selling my home. My previous conveyancers closed down. I would be grateful for any recommendation of a conveyancing firm. I happen to live in Cottesmore if that makes a difference.
You should use our search tool to help you find a solicitor for your conveyancing in Cottesmore. We have connected thousands of home buyers and sellers with regulated solicitors to ensure that the legalities of their house move runs with a minimum of fuss.
I've recently bought a leasehold property in Cottesmore. Am I liable to pay service charges relating to a period prior to completion of my purchase?
In a situation 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. It is an essential part 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 bought a studio flat in Cottesmore, conveyancing was carried out in 1997. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Cottesmore with over 90 years remaining are worth £186,000. The average or mid-range amount of ground rent is £55 yearly. The lease finishes on 21st October 2076
With only 52 years remaining on your lease the likely cost is going to be between £29,500 and £34,000 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not move forward based on this information before seeking the advice of a professional.
Is there a reason that Cottesmore conveyancing costs differ for leasehold and freehold properties?
Leasehold conveyancing in Cottesmore will often involve additional due diligence including fully examining the lease, communicating with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts etc.