I am in the throes of swapping over from my current homeowner mortgage to a Buy to Let National Westminster Bank mortgage. I have been informed by my broker that I need a solicitor as part of the process. I got in contact with my past Shaftesbury conveyancing practitioner who who did the conveyancing when I originally purchased the premises. The fee calculation provided of £470 has taken me by surprise as its a refinance than a sale or purchase.
The estimate does seem a little on the high side. If you shop around you could shave off some of the cost by perhaps £100 plus VAT. On the other hand, assuming were pleased with the legal work the firm offered you maycome to regret opting for an a cheaper conveyancer. Remember to enquire the firm can act for National Westminster Bank. Do utilise our search tool to choose a Shaftesbury conveyancing firm on the National Westminster Bank approved list of lawyers, which can often include conveyancing solicitors in Shaftesbury.
five months have elapsed since my purchase conveyancing in Shaftesbury completed. I have checked the Land Registry website which shows that I paid £200,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
How does conveyancing in Shaftesbury differ for newly converted properties?
Most buyers of new build or newly converted property in Shaftesbury approach us having been asked by the seller to exchange contracts and commit to the purchase even before the premises is completed. This is because house builders in Shaftesbury typically purchase the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Shaftesbury or who has acted in the same development.
Over the last few months I have been searching for a flat up to £235,500 and found one close by in Shaftesbury I like with a park and station in the vicinity, the downside is that it's only got 52 years unexpired on the lease. There is not much else in Shaftesbury for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan that many years will be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of twenty four months you can request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
I was advised by three or four local property agents in Shaftesbury to select a solicitor using your seach tool. What’s the financial incentive for Estate Agents to promote your site over alternative conveyancing organisations?
We refuse to give any commission for directing people our way. We found it would be just too difficult to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
My partner and I intend to acquire our first property in Shaftesbury. Conveyancing lawyer already appointed. The mortgage adviser advised that a survey is not appropriate as the property was only built in 1997.
At the very least you should order a Home Buyer's Report. Given the residence is over ten years old the property will not benefit from a warranty, so you don't want to take a risk. Where a property of this age shows no signs of defects a Home Buyer's report may be sufficient. They will highlight any apparent problems and suggest further investigation if appropriate. If there are any indications of material issues obtain a comprehensive Building Survey from the beginning.