Having been told to check out your web site we were about to use a conveyancing solicitor in Fareham listed on your site but stumbled across alternative quotes on the internet look less expensive – why is this?
There are many firms of conveyancers advertising what appear to be cut price. You should give due consideration as to how important this transaction is to you that want to be penny wise pound foolish in relation to the quality of the legal work. Some embed additional charges well inside the terms and conditions. The law firms that we put forward for conveyancing in Fareham will notdo this.
Me and my partner are soon to exchange buying a house in Fareham but as a result of damage from some water damage at the property I have was able negotiate reparation from the vendor of £3k in the form of a deduction in the price. I had intended this to be addressed as part of the conveyancing process yet Leeds Building Society will not agree to this. Should they have been approached?
The lawyer that is on the Leeds Building Society approved list is required to inform Leeds Building Society of any variations to the purchase price. If you were to refuse your conveyancer to notify the reduction to Leeds Building Society then they would have to discontinue acting for you. In addition, Leeds Building Society and you would have to appoint a new conveyancer for your conveyancing in Fareham.
Do I have to attend the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Fareham so that I can attend their offices if required.
These days approved lawyers for mortgage companies conduct the vast majority of work via Royal Mail, internet or over phone calls. This means that they can undertake the legal work for your home move no matter where you live in the country. However you can see if you have the option of attending the offices of your conveyancing lawyer if you prefer.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, no chain conveyancing. Fareham is the location of the property. Is there any advice you can give?
Flying freeholds in Fareham are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Fareham you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Fareham may decide that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
I am looking into buying my first house which is in Fareham and I am already nervous. I couldn't find anything specific about Fareham. Conveyancing will be needed in due course but do you know about the Fareham area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Fareham. In the meantime here are some basic statistics that we found
I am looking at a two flats in Fareham both have in the region of 50 years remaining on the lease term. Do I need to be concerned?
There are no two ways about it. A leasehold apartment in Fareham is a wasting asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the premises. For most purchasers and lenders, leases with less than 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Fareham conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a basement flat in Fareham, conveyancing was carried out 10 years ago. Can you work out an approximate cost of a lease extension? Corresponding properties in Fareham with over 90 years remaining are worth £171,000. The ground rent is £50 yearly. The lease terminates on 21st October 2102
You have 79 years left to run the likely cost is going to be between £7,600 and £8,800 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs without more detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information without first getting professional advice.