Recently contacted my conveyancing solicitor in Crediton who conducted the legals 18 months ago asking for a conveyancing quote based on an identical type of house sale & purchase (a leasehold premises and a freehold property) of almost identical values with a loan from Aldermore. I am now being quoted twice the amount. Am I right to be tempted to shop around for an alternative conveyancer?
The estimate does seem a little on the high side. If you you were to look around you may be able to decrease the fees slightly by perhaps £125. That being said, if you were happy with the service the firm offered you mightlive to rue opting for an an unknown solicitor. Remember to be sure that the firm can represent Aldermore. You can use our search tool to find a Crediton conveyancing firm on the Aldermore approved list of lawyers, which can often include conveyancing solicitors in Crediton.
My partner and I changing mortgage lender for our maisonette in Crediton with Principality. We have a son 19 who lives at home. Our solicitor has asked us to disclose anyone over the age of 17 other than ourselves who reside at the property. Our lawyer has now e-mailed a document for our son to sign, giving up any rights in the event that the flat is repossessed. I have two questions (1) Is this form unique to the Principality conveyancing panel as he did not need to sign this form when we purchased 3 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
On the face of it your lawyer has done nothing wrong as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Principality. This is solely used to protect Principality if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Principality had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
We see that you have a search directory listing law firms on the Co-operative conveyancing panel. Do firms pay you a commission if I instruct them for our own conveyancing in Crediton?
We are a listing service only for law firms wishing to communicate if they are on the Co-operative conveyancing panel or other lender panels. We do not charge referral fees to any conveyancer that you subsequently appoint for your conveyancing in Crediton.
I currently have a mortgage with Barclays for my property in Crediton. Conveyancing was finalised a year ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Barclays?
Barclays must be informed of your intention before renting your property as this is likely to be a breach of Barclays’s mortgage conditions. It may be that Barclays will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Barclays directly. You need not do this via a Barclays conveyancing panel firm.
After much negotiation I have agreed a price on an apartment in Crediton. My financial adviser pressured me to appoint their conveyancing practitioner. I paid an upfront payment of £225. Shortly after, the conveyancer contacted me to say that they were not on the TSB conveyancing panel. Am I right in thinking that I should be due a refund?
You should be able to recover this from the law firm if they were not on the TSB panel. They should have asked at the outset which lender you were obtaining a mortgage with. An important lesson to readers of this site is to check that the lawyers are on the appropriate lender panel.
About to purchase flat in Crediton. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Building Society if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the TSB conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Crediton property lawyer is on the TSB conveyancing panel.
I have been on the look out for a leasehold apartment up to £235,500 and identified one round the corner in Crediton I like with amenity areas and station nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Crediton for this price, so just wondered if I would be making a grave error buying a short lease?
Should you require a home loan the remaining unexpired lease term will likely be an issue. Reduce the offer by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for at least twenty four months you could ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
Back In 2006, I bought a leasehold house in Crediton. Conveyancing and Lloyds TSB Bank mortgage organised. A letter has just been received from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1997. The conveyancing solicitor in Crediton who previously acted has now retired. Any advice?
First contact HMLR to be sure that the individual purporting to own the freehold is in fact the new freeholder. It is not necessary to instruct a Crediton conveyancing firm to do this as you can do this on the Land Registry website for less than a fiver. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
I bought a garden flat in Crediton, conveyancing formalities finalised June 2010. Can you please calculate a probable premium for a statutory lease extension? Corresponding properties in Crediton with an extended lease are worth £211,000. The ground rent is £45 per annum. The lease comes to an end on 21st October 2091
With 67 years left to run we estimate the price of your lease extension to range between £10,500 and £12,000 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to provide a more accurate figure in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.