Just been in touch with my conveyancing solicitor in Fishponds who acted for me two years ago requesting a conveyancing estimate based on the same type of home move (a leasehold residence and a freehold premises) of similar values with a mortgage from Accord Mortgages Ltd. I am now being charged double. Am I right to be tempted to shop around for an alternative property lawyer?
The quote is fractionally on the expensive side. If you shop around you might shave off some of the cost by perhaps £100 plus VAT. On the other hand, assuming were pleased with the service the firm offered you couldlive to rue opting for an an unknown conveyancer. If is important to be sure that the solicitor can also act for Accord Mortgages Ltd. You can employ our search tool to locate a Fishponds conveyancing firm on the Accord Mortgages Ltd approved list of lawyers, which can often include conveyancing solicitors in Fishponds.
What will a local search tell me regarding the property my wife and I purchasing in Fishponds?
Fishponds conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for example Onsearch The local search plays a central part in most Fishponds conveyancing purchase; that is if you don’t want any unpleasant surprises after you move into your property. The search should provide information on, amongst other things, details on planning applications applicable to the premises (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of 13 topic sections.
I'm buying my first flat in Fishponds benefiting from help to buy. The builders would not budge the amount so I negotiated 6k of extras instead. The sale representative advised me not inform my solicitor about the side-deal as it would impact my mortgage with Leeds Building Society. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Over the last few months I have been searching for a ground for flat up to £235,500 and identified one near me in Fishponds I like with open areas and station nearby, the downside is that it only has 61 years unexpired on the lease. I can't really find anything else in Fishponds suitable, so just wondered if I would be making a mistake purchasing a short lease?
If you require a mortgage the remaining unexpired lease term will be a potential deal breaker. Reduce the offer by the expected lease extension will cost if not already taken into account. If the current owner has owned the premises for a minimum of 2 years you may request that they start the process of the extension and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this.
I am attracted to a two maisonettes in Fishponds which have approximately fifty years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Fishponds. The lease is a right to use the premises for a prescribed time frame. As a lease gets shorter the marketability of the lease deteriorates and it becomes more costly to acquire a lease extension. This is why it is often a good idea to extend the lease term. It is often difficulties arise selling premises with a short lease as mortgage companies less inclined to grant a loan on properties of this type. Lease enfranchisement can be a difficult process. We advise that you seek professional help from a solicitor and surveyor with experience in this arena.
I acquired a garden flat in Fishponds, conveyancing having been completed in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Equivalent properties in Fishponds with an extended lease are worth £227,000. The ground rent is £50 yearly. The lease runs out on 21st October 2093
With just 72 years left to run we estimate the premium for your lease extension to span between £9,500 and £11,000 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. You should not use this information in tribunal or court proceedings. There are no doubt additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information without first getting professional advice.
When it comes to my conveyancing in Fishponds should I be paying VAT on the following: (1) Land reg fee on purchase (2) Pre - completion search fee (3) SDLT E submission on purchase (4) Bank TT fee
(1) Land reg fee on purchase - No (2) Pre - completion search fees -No, (such conveyancing searches are HMLR ones and means £4 and possibly £2 bankruptcy per name on your mortgage) (3) SDLT E submission on your purchase - There is no VAT on Stamp Duty. However if the firm is charging a stamp duty e-submission fee as part of their services - some Fishponds conveyancers do - that will incur VAT(4) Bank transfer fee - Yes it is for the lawyer's time in submitting the funds this way.