My previous conveyancer has quoted £995 for no move no fee conveyancing in Farringdon. I’m hoping to sell a Georgian property for £200,000. Are these conveyancing fees excessive? Is it above what I should be paying for conveyancing in Farringdon?
The estimate does seem a tad steep. If you are prepared to spend time scrutinising fee on a like for like basis you might trim some of the expense by as much as £100 plus VAT. That being said, you couldlive to rue choosing an an untested conveyancer. Don't forget to be sure the conveyancer can also act for your lender. You can use our search tool to choose a Farringdon conveyancing firm on the banks approved list of lawyers which can often include conveyancing solicitors in Farringdon.
Why do I have to pay up front when it comes to conveyancing in Farringdon?
Where you are retaining lawyers for conveyancing in Farringdon your solicitor will request that you put them with funds to cover the the cost of the conveyancing searches. Normally this is requested to cover the fees of the Local Authority Search. When the down payment is as part of the sale price then this should be needed immediately before contracts are exchanged. The final balance that is due should be sent to your lawyer shortly before completion.
My wife and I have recently appointed a conveyancing solicitor in Farringdon. I need to find out whether they are on the Yorkshire Building Society approved list of lawyers. Can you assist?
The first thing to do is contact your conveyancer and enquire whether they are on the lender panel. Alternatively you can call Yorkshire Building Society who may be able to assist.
We previously appointed conveyancers locally in Farringdon on the Virgin Money solicitor approved list. They have just invoiced me a supplemental charge for the legal aspects of the Virgin Money mortgage. Is this an additional conveyancing fee set by Virgin Money?
Provided it is contained in their Terms and Conditions or estimate then yes your property lawyer may levy a fee for this. The fee is not set by Virgin Money but by your Farringdon property lawyer. Plenty of firms on the Virgin Money panel will levy ’dealing with mortgage’ fee but some firms incorporate it on their overall fee.
The mortgage over my property is with Clydesdale for my property in Farringdon. Conveyancing was finalised some time 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 Clydesdale?
Your original mortgage agreement with Clydesdale will provide that you need their approval before letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale 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 Clydesdale directly. You need not do this via a Clydesdale conveyancing panel solicitor.
I recently had an offer agreed on an apartment in Farringdon. My mortgage broker pressured me to appoint their conveyancer. I paid an upfront payment of £200. A couple of days later, the property lawyer called me sheepishly admitting that they were not on the Santander 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 Santander 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.
I opted to have a survey carried out on a property in Farringdon in advance of instructing lawyers. I have been told that there is a flying freehold aspect to the house. My surveyor has said that some lenders may not grant a mortgage on this type of house.
It varies from the lender to lender. HSBC has different requirements for example to Nationwide. Should you wish to call us we can check via the relevant mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Farringdon. Conveyancing may be slightly more expensive based on your lender's requirements.
I am on look out for some leasehold conveyancing in Farringdon. Before I set the wheels in motion I require certainty as to the unexpired term of the lease.
If the lease is recorded at the land registry - and 99.9% are in Farringdon - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I have tried to negotiate informally with with my landlord for a lease extension without success. Can the Leasehold Valuation Tribunal adjudicate on such issues? Can you recommend a Farringdon conveyancing firm to act on my behalf?
in cases where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the Leasehold Reform, Housing and Urban Development Act 1993 it is possible to make an application to the First-tier Tribunal (Property Chamber) to judgment on the price payable.
An example of a Lease Extension matter before the tribunal for a Farringdon property is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired lease term was 66.8 years.