The solicitor who dealt with my previous purchase has sent a quote for £1200 for freehold conveyancing in Ketton. I’m hoping to downsize from a Victorian detached home for £200,000. Are the quoted fees excessive? Is it above what I should be paying for conveyancing in Ketton?
The estimate does seem marginally steep. If you shop around you could decrease the fees slightly by say £125. That being said, you couldcome to rue opting for an a cheaper conveyancer. Remember to ensure that the firm can represent your lender. You can employ our search tool to find a Ketton conveyancing firm on the banks approved list of lawyers which can often include conveyancing solicitors in Ketton.
I am buying a newly constructed apartment in Ketton and my lawyer is advising me that she has to the lender to reveal incentives from the seller. The Estate Agents are hassling me to exchange contracts and I don't want to delay matters. Is my lawyer right?
You should not exchange unless you have been advised to do so by your property lawyer. A precondition to being on a bank panel is to comply with the UK Finance Lenders’ Handbook requirements. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
I am purchasing a new build house in Ketton benefiting from help to buy. The builders refused to budge the price so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep told me not inform my solicitor about this extras as it will affect my mortgage with the lender. Is this normal?.
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.
I opted to have a survey carried out on a house in Ketton in advance of instructing conveyancers. I have been told that there is a flying freehold overhang to the property. The surveyor advised that some mortgage companies will refuse to issue a mortgage on such a premises.
It depends who your proposed lender is. Bank of Scotland has different instructions for example to Nationwide. Should you wish to call us we can investigate further with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Ketton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Ketton to see if the conveyancing costs will increase in light of this.
Am I right to be wary about estate agents that I am dealing with are recommending a nationwide conveyancing firm rather than a local Ketton conveyancing firm?
As with many professional services, often recommendations from relatives can be worth their weight in gold. Yet there are lots of players in a conveyancing transaction; estate agents, mortgage brokers and mortgage companies might all recommend lawyers to retain. Sometimes these solicitors might be known to one of the organisations as experts in their field, but sometimes there is an underlying financial incentive behind the endorsement. You have the discretion to select your own conveyancer. However, bear in mind that many lenders have an approved list of lawyers you must use for the lender related work in your home move.
Last November I purchased a leasehold house in Ketton. Am I liable to pay service charges relating to a period prior to completion of my purchase?
Where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Ketton Leasehold Conveyancing - Sample of Questions you should ask before Purchasing
-
On the whole the cost for major works tend not to be included within maintenance charges, although a few managing agents in Ketton obliged leasehold owners to pay into a sinking fund created for the specific intention of building a fund for major works. How many years remain on the lease? You should want to discover as much as possible concerning the managing agents as they will impact your use and enjoyment of the property. As the owner of a leasehold property you are frequently in the clutches of the managing agents from a financial perspective and when it comes to day to day issues like the upkeep of the common parts. Ask prospective neighbours if they are happy with their management. Finally, find out the dates that you are obliged pay the service charge to the appropriate party and specifically how they are spending that money.