The conveyancer who assisted with my former purchase has quoted £1200 for freehold conveyancing in Falmouth. I am looking to sell a modern detached home for £225,000. This appears overpriced. Is it above what I should be paying for conveyancing in Falmouth?
The estimate does seem a tad steep. If you shop around you may be able to shave off some of the cost by say £125. On the other hand, you couldcome to regret opting for an an unknown conveyancer. Remember to ensure that the conveyancer can represent your lender. Do use our search tool to locate a Falmouth conveyancing company on the lender’s approved list of lawyers which can often include conveyancing solicitors in Falmouth.
I am the registered owner of a freehold property in Falmouth but nevertheless charged rent, why is this and what is this?
It’s unusual for properties in Falmouth and has limited impact for conveyancing in Falmouth but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges from 1977 onwards.
Old rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 is to be extinguished.
What is the difference between a licensed conveyancer and conveyancing solicitor in Falmouth
Two types of professional can conduct conveyancing in Falmouth namely CLC regulated conveyancers or solicitors. The two can provide conveyancing services that required to complete the disposal or purchase of property. They are both obliged to carry out Falmouth conveyancing on similar standards and guidelines so you may be safe in the knowledge that your conveyancing will be properly administered and that the requisite steps will be appropriately followed.
Is it the case that all Falmouth solicitor firms on the Leeds Building Society conveyancing panel are governed by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Leeds Building Society approved list of solicitors they would need to be overseen by the SRA. Many mortgage companies do list licenced conveyancers on their panel and in such a situation the firms would be governed by the Council of Licensed Conveyancers.
I can not fathom if my bank obliges me to make sure the lease term for the flat is extended prior to the completion date. I have called into my local Falmouth bank branch on a couple of occasions and was told they are content with the situation and they will lend. My Falmouth conveyancing solicitor - who is on the bank conveyancing panel- called to say that they refuse to lend based on their specific requirements. Who do I believe?
Provided that the lawyer is on the mortgage company approved list, they must adhere to the CML Handbook provisions for the bank. Unless your lawyer obtains specific confirmation in writing that the bank 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 remaining.
I have been on the look out for a leasehold apartment up to £195,000 and found one close by in Falmouth I like with a park and railway links nearby, however it's only got 51 years on the lease. I can't really find anything else in Falmouth for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you require a home loan that many years will likely be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of 2 years you could request that they start the process of the extension and pass it to you. You can add 90 years to the existing lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this.
We're new to the buying process - agreed a price, but the property agent has warned us that the vendor will only issue a contract if we use their recommended conveyancers as they want a ‘quick sale’. We would rather use a high street conveyancer used to conveyancing in Falmouth
It is highly unlikely the owners are behind this. If they desire ‘a quick sale', taking such a hostile approach to a genuine purchaser is going to damage their objectives. Speak to the vendors direct and make sure they understand (a)you are serious purchasers (b)you are ready to progress, with finances in place © you have nothing to sell (d) you intend to proceed fast (e)but you are going to appoint your own,trusted Falmouth conveyancing solicitors - rather thanthe ones that will earn the estate agent a kickback or hit his conveyancing thresholds pre-set by head office.
I am a negotiator for a reputable estate agency in Falmouth where we have experienced a number of flat sales derailed as a result of short leases. I have received inconsistent advice from local Falmouth conveyancing firms. Can you clarify whether the owner of a flat can initiate the lease extension formalities for the buyer?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have 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 simultaneously with completion of the sale.
An alternative approach is to agree the lease extension with the freeholder 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 buyer.
I acquired a basement flat in Falmouth, conveyancing was carried out half a dozen years ago. Can you give me give me an indication of the likely cost of a lease extension? Similar flats in Falmouth with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2091
With just 66 years remaining on your lease we estimate the price of your lease extension to be between £11,400 and £13,200 as well as legals.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be considered and you obviously should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.