We were about to retain a conveyancing solicitor in Sea Mills recommended by you but have come across alternative fee calculations on the internet appear less expensive – why is this?
You can find plenty of firms promoting self styled £99 conveyancing, unfortunately it’s common in such cases for extracosts end up with the final bill being inflated. Conveyancers are obliged to make sure that charges outlined in terms of business should be honest and reasonable invoiced The conveyancers that we list for conveyancing in Sea Mills genuinely set out all legal fees for the property you plan topurchase.
My fiance and I intend to remortgage our apartment in Sea Mills with Nationwide. We have a son 19 who lives with us. Our solicitor requested us to identify anyone over the age of 17 other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the property is forfeited by the lender. I have a couple of questions (1) Is this document specific to the Nationwide conveyancing panel as he never had to sign this form when we purchased 4 years ago (2) Does our son by signing this extinguish his rights to inherit the property?
First, rest assured that your Nationwide conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Nationwide. This is solely used to protect Nationwide if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Nationwide had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Me and my brother have a renovated Georgian house in Sea Mills. Conveyancing solicitor represented me and National Westminster Bank. I did a free Land Registry search last week and I saw two entries: the first freehold, another for leasehold under the exact same property. I thought I was buying a freehold how can I check?
You need to read the Freehold register you have again and check the Charges Register as there may be mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Sea Mills and other areas of the country and poses no real issues for owners other than when they sell they have to account for both freehold and leasehold interests when dealing with purchasers. You can also question the position with your conveyancing lawyer who completed the work.
I'm buying a new build house in Sea Mills with a mortgage from Lloyds TSB Bank. The developers refused to budge the price so I negotiated 6k of additionals instead. The house builders rep told me not disclose to my conveyancer about the extras as it will impact my mortgage with Lloyds TSB Bank. Do I keep my lawyer in the dark?.
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.
Due to the guidance of my in-laws I had a survey completed on a house in Sea Mills prior to retaining solicitors. I have been told that there is a flying freehold aspect to the property. Our surveyor has said that some lenders will not grant a loan on this type of premises.
It depends who your proposed lender is. HSBC has different requirements from Birmingham Midshires. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are used to dealing with flying freeholds in Sea Mills. Conveyancing will be smoother if you use a solicitor in Sea Mills especially if they are accustomed to such properties in Sea Mills.
I am employed by a busy estate agent office in Sea Mills where we have witnessed a few flat sales put at risk due to short leases. I have received inconsistent advice from local Sea Mills conveyancing firms. Please can you clarify whether the seller of a flat can commence the lease extension formalities for the buyer?
Provided that the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the disposal of the property.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I bought a basement flat in Sea Mills, conveyancing having been completed in 2007. Can you please calculate a probable premium for a statutory lease extension? Equivalent flats in Sea Mills with over 90 years remaining are worth £165,000. The average or mid-range amount of ground rent is £50 levied per year. The lease finishes on 21st October 2100
With just 77 years unexpired the likely cost is going to be between £7,600 and £8,800 as well as legals.
The figure above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other concerns that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first getting professional advice.