I went with a Eastwood based firm for our conveyancing in Eastwood last week. Reviewing the terms of engagement it is apparent thatwe are liable for fees even if the movedoes not proceed. Would I be best advised to choose an internet solicitor practice advertising no completion no cost conveyancing in Eastwood?
Generally there is a compromise along the lines that if "No Sale No Fee" is offered then the fee levels will generally be higher to neutralise the cases that do not go ahead. Please beware that these schemes generally do not cover outlay by way of example Eastwood conveyancing search fees.
Our conveyancer has discovered a a problem with the lease for the property we are buying in Eastwood. The seller’s lawyers have put forward defective title insurance as a workaround. We are content with insurance and will cover the costs. Our lawyer has advised that he must check that the mortgage company is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.
Is there a search tool that I can utilise to find out if the solicitor handling my conveyancing in Eastwood is on the mortgage lender’sapproved panel? I am looking to avoid the situation of having one lawyer for me and one for Bank of Ireland thus spending £187.00 plus VAT in additional legal invoice.
Please do take advantage of the search tool on this site. Pick the lender and type ‘Eastwood’ or your location and you will discover a number of lawyer located in Eastwood or nearest you.
I completed on my house on 1 July and my personal details is yet to be registered. Need I be worried? My conveyancing solicitor in Eastwood advises it would be recorded inside ten days. Are titles in Eastwood uniquely lengthy to register?
There is nothing unique when it comes to conveyancing in Eastwood registration formalities. Rather than based on location, timeframes can vary depending on the party submitting the application, whether it is in order and if the Land registry must send notices to any 3rd parties. Currently roughly 80% of such applications are completed in less than three weeks but occasionally there can be protracted hold-ups. Historically registration takes place after the buyer is living at the premises thus an expedited registration is not typically primary concern yet where there is a degree of urgency associated with the registration then you or your solicitor must communicate with the Registry to express the reasoning for the application to be prioritised.
Due to the encouragement of my in-laws I had a survey completed on a house in Eastwood in advance of retaining lawyers. I have been told that there is a flying freehold element to the property. My surveyor advised that some lenders tend refuse to grant a loan on this type of home.
It depends who your proposed lender is. Lloyds has different requirements from Nationwide. If you e-mail us we can check with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Eastwood. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Eastwood to see if the conveyancing costs will increase in light of this.
Can you provide any advice for leasehold conveyancing in Eastwood with the aim of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Eastwood can be reduced if you instruct lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ conveyancers. A minority of Eastwood leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to place the estate agents on notice to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their lawyers. You believe that you know the number of years remaining on your lease but it would be advisable double-check by asking your solicitors. A buyer’s lawyer will be unlikely to recommend their client to to exchange contracts if the lease term is less than 80 years. In the circumstances it is essential at an early stage that you consider whether the lease requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. If you are supposed to have a share in the freehold, you should make sure that you are holding the original share document. Arranging a replacement share certificate is often a lengthy formality and slows down many a Eastwood home move. Where a reissued share certificate is needed, you should approach the company officers or managing agents (if relevant) for this as soon as possible.
I bought a 2 bed flat in Eastwood, conveyancing was carried out in 2004. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent flats in Eastwood with an extended lease are worth £165,000. The ground rent is £50 levied per year. The lease expires on 21st October 2103
You have 78 years remaining on your lease we estimate the price of your lease extension to span between £7,600 and £8,800 plus professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to provide a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There are no doubt other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before seeking the advice of a professional.