Me and my partner are soon to exchange buying a property in Ironbridge but as a consequence of wreckage from a small fire at the property I have was able negotiate recompense from the owner in the sum of £3k by way of a deduction in the price. I had intended this to be addressed as part of the conveyancing process however Nottingham are not allowing this. Should they have been involved?
Any solicitor being on the Nottingham conveyancing panel is obliged to advise Nottingham of any variations to the purchase price. If you were to refuse your conveyancing practitioner to disclose the reduction to Nottingham then they would have to discontinue acting for you. In addition, Nottingham and you would have to appoint a new property lawyer for your conveyancing in Ironbridge.
Please explain the implications if my lawyer’s firm is suspended from the Virgin Money Solicitor panel ahead of completing my conveyancing in Ironbridge?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
I am purchasing a 4 bedroom semi-detached house in Ironbridge. The intention is to convert the garage to an office at the property.Will legal conveyancing on the property involve investigations to determine if these alterations are prohibited?
Your conveyancer should check the registered title as conveyancing in Ironbridge can occasionally identify restrictions in the title deeds which restrict categories of changes or need the consent of another owner. Many works require local authority planning permissions and approval in compliance with building regulations. Some areas are designated conservation areas and special planning restrictions apply which frequently prevent or impact extensions. You should check these issues with a surveyor ahead of any purchase.
We had chosen solicitors locally in Ironbridge on the Co-operative solicitor panel. They have just billed me a separate sum for the legal aspects of the Co-operative mortgage. Is this a supplemental conveyancing fee set by Co-operative?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your conveyancer can levy a fee for this. The charge is not set by Co-operative but by your Ironbridge conveyancer. Some firms on the Co-operative panel will levy an ‘acting for lender’ fee but plenty of firms incorporate it on their overall fee.
The mortgage over my property is with Co-operative for my property in Ironbridge. Conveyancing has been completed a year 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 Co-operative?
You must advise Co-operative prior to renting your property as this is likely to be a breach of Co-operative’s mortgage conditions. It may be that Co-operative will permit you to let 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 Co-operative directly. It should not be necessary to do this via a Co-operative conveyancing panel firm.
What makes your site different to alternative online quote calculators when it comes to conveyancing in Ironbridge?
At this site secure a conveyancing costs illustration via a Solicitor or Licensed Conveyancer that has a full understanding of the issues for your conveyancing in Ironbridge. As opposed to estate agents and many comparison sites we do not have referral arrangements with solicitors. Some agents and online brokers 'recommend' solicitors who pay the most commission, as opposed to the best value conveyancing in Ironbridge
I need to instruct a conveyancing practitioner in Ironbridge for my house move. Can I check a firm’s record with the legal regulator?
You may review documented Solicitor Regulator Association (SRA) decisions resulting from inquisitions commenced on or after Jan 2008. Visit Check a solicitor's record. To find information Pre 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 Monday, Wednesday, Thursday, Friday and 09.30 - 18.00 Tuesday. For callers outside the UK, dial +44 (0)121 329 6800. The SRA sometimes monitor call for training reasons.
Estate agents have just been given the go-ahead to market my 2 bed flat in Ironbridge. Conveyancing has not commenced, but I have recently received a half-yearly service charge invoice – Do I pay up?
The sensible thing to do is discharge the service charge as normal given that all ground rent and maintenance payments should be apportioned as part of the financial calculations for completion monies, so you should recover the relevant percentage by the purchaser for the period running from after the completion date to the subsequent invoice date. Most management companies will not acknowledge the buyer unless the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
I inherited a 1 bedroom flat in Ironbridge, conveyancing was carried out in 2008. Can you work out an approximate cost of a lease extension? Comparable flats in Ironbridge with a long lease are worth £190,000. The average or mid-range amount of ground rent is £45 invoiced annually. The lease expires on 21st October 2087
With 62 years remaining on your lease we estimate the premium for your lease extension to be between £17,100 and £19,800 as well as 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 advice on 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 are no doubt other issues that need to be taken into account 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 seeking the advice of a professional.