We were about to retain a conveyancing solicitor in Pitstone endorsed on your site but stumbled across alternative estimates on the internet look cheaper – how come?
You can find numerous websites advertising pretending to offer £99 conveyancing, but additionalcharges end up with the closing fee being escalated. Conveyancers are obliged to make sure that costs set out in terms of engagement should be fair and reasonable and be applied The conveyancers that we list for conveyancing in Pitstone genuinely set out all legal fees for the property you plan tobuy.
Can you explain why leasehold purchase conveyancing in Pitstone is more expensive?
The conveyancing charges for a leasehold premises in Pitstone is often greater as compared to a freehold acquisition or disposal. This is due to the extra work required in liaising with the landlord and managing agents to obtain information concerning whether the rent and service fee have been discharged and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the building.
My fiance and I intend to purchase a newbuild apartment in Pitstone with a mortgage from Bank of Ireland.We like our Pitstone conveyancing practitioner but Bank of Ireland says her practice is not on their "panel". we are left little option but to use a Bank of Ireland panel firm or retain our high street solicitor and pay for one of their panel ones to act for them. This seems very unfair; Can we not simply insist that Bank of Ireland use our lawyer?
Unfortunately,no. The loan offered to you is subject to its terms and conditions, one of which will be that lawyers will be on the Bank of Ireland solicitor panel. Until recently, most mortgage companies had large numbers of law firms on their panels: a borrower could find one for themselves, as long as it was on the lender's panel. The lender would then simply instruct the borrower's lawyers to act for the lender, too. You can use your lender's panel lawyers or you could borrow from another lender which does not restrict your choice. A further alternative is for your solicitors to apply to be on the conveyancing panel for Bank of Ireland
Two weeks ago we had a mortgage agreed in principle with Virgin Money. Pitstone conveyancing solicitors have been instructed. How long does it take for Virgin Money to forward the offer to the conveyancing practitioner?
Some lenders take longer than others. Have Virgin Money completed the survey? Have you advised Virgin Money as to your lawyers' details and checked that your lawyers are on the Virgin Money conveyancing panel? Sometimes it can take as long as six weeks for a mortgage offer to be issued.
I am purchasing a property in Pitstone. A rare aspect is that the roof has a solar panel. Solicitors conducting should look into this right? Will my lender Kent Reliance be concerned?
Given that your lender is Kent Reliance your lawyer must follow the conveyancing requirements set out in Section two of UK Finance Lenders’ Handbook for Kent Reliance. The CML Handbook stipulates minimum conditions for solar panel roof-space leases, and property lawyers are required to report to Kent Reliance where a lease does not satisfy these conditions. The provisions relate to the installation of panels on properties nationwide and is not restricted to Pitstone.
The mortgage over my property is with RBS for my property in Pitstone. Conveyancing was finalised 12 months ago. If I am intending to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform RBS?
You must advise RBS prior to renting your property as this is likely to be a breach of RBS’s mortgage conditions. It may be that RBS 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 RBS directly. It should not be necessary to do this via a RBS conveyancing panel solicitor.
I am purchasing a new build house in Pitstone with the aid of help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The house builders rep advised me not inform my conveyancer about this side-deal as it could impact my mortgage with the bank. Is this normal?.
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.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a great price which is making it all the more appealing. I have since found out that it's a leasehold as opposed to freehold. I would have thought that there are particular concerns purchasing a leasehold house in Pitstone. Conveyancing solicitors have are soon to be instructed. Will my lawyers set out the risks of buying a leasehold house in Pitstone ?
Most houses in Pitstone are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can assist with the conveyancing process. We note that you are buying in Pitstone in which case you should be shopping around for a Pitstone conveyancing practitioner and be sure that they have experience in dealing with leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be at liberty to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to carry out changes to the property. It may be necessary to pay a service charge towards the maintenance of the estate where the house is located on an estate. Your solicitor should report to you on the legal implications.
I bought a split level flat in Pitstone, conveyancing was carried out 10 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Pitstone with an extended lease are worth £211,000. The ground rent is £45 levied per year. The lease ends on 21st October 2088
With 67 years unexpired the likely cost is going to range between £10,500 and £12,000 as well as costs.
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 a more accurate figure without more detailed investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.