We selected a high street firm for our conveyancing in Ottery St Mary today. Upon checking the terms of engagement it is apparent thatwe are responsible for fees even where the transaction does not complete. Should I go with them or appoint a web based conveyancing company advertising no-sale-no-fee conveyancing in Ottery St Mary?
Generally there is a compromise along the lines that if "No Completion No Fee" is offered then the fee levels will generally be more expensive to counteract the cases that do not proceed. Dont forget that these schemes generally do not protect you from expenses by way of example Ottery St Mary conveyancing search fees.
I am the registered owner of a freehold premises in Ottery St Mary but nevertheless charged rent, why is this and what is this?
It is rare for properties in Ottery St Mary and has limited impact for conveyancing in Ottery St Mary but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a one off payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
My wife and I have recently appointed a conveyancing solicitor in Ottery St Mary. I I would like to check whether they are accepted on the Platform Home Loans Ltd conveyancing panel. Can you or the lender confirm if they are on the panel?
The first thing to do is call the solicitor and ask them if they are on the lender panel. Alternatively please get in touch with Platform Home Loans Ltd who may be able to help.
I am buying my first flat in Ottery St Mary with a loan from Bank of Ireland. The sellers refused to reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not inform my conveyancer about the extras as it will put at risk my mortgage with the lender. Should I keep quiet?.
All lenders require a Disclosure of Incentives Form from the developer 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.
Taking into account that I will soon part with over three hundred thousand on a two bedroom apartment in Ottery St Mary I would like to have a conversation with the lawyer about mytransaction before giving the go ahead to the firm. Can this be arranged?
This is something that we recommend - it is our preference to talk to you we do not take any clients on without you speaking to the conveyancer due to be carrying out your conveyancing in Ottery St Mary.There is no ‘factory style conveyancing’ - every client is an important person, not a file number. The law firms that we put you in touch with believe that the fees you are calculated and presented to you for residential conveyancing in Ottery St Mary should be the amount on the final invoice that you end up paying.
I've recently bought a leasehold house in Ottery St Mary. Do I have any liability for 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. Strange as it may seem, 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).
I acquired a 1 bedroom flat in Ottery St Mary, conveyancing having been completed February 2006. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Ottery St Mary with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease comes to an end on 21st October 2081
With only 61 years remaining on your lease the likely cost is going to be between £18,100 and £20,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of detailed investigations. 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 clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information before getting professional advice.