Just contacted my conveyancing lawyer in Shoreham By Sea who conducted the legals two years ago asking for a conveyancing costs illustration based on the same type of house sale & purchase (a leasehold premises and a freehold premises) of similar values with a mortgage from Bank of Scotland. I am now being quoted twice the amount. Better the devil I know or should I seek out a cheaper online conveyancer?
The estimate fees are a tad high. Where you are willing to spend time comparing charges you may be able to get the conveyancing a bit cheaper by perhaps £100 plus VAT. That being said, if you were content with the service the firm provided you maycome to rue choosing an an untested lawyer. Don't forget to enquire that the conveyancer can represent Bank of Scotland. You can make use of our search tool to select a Shoreham By Sea conveyancing firm on the Bank of Scotland approved list of lawyers, which can often include conveyancing solicitors in Shoreham By Sea.
We are buying a newly built flat in Shoreham By Sea and my solicitor is informing me that she is duty bound to the lender to reveal incentives from the seller. I am under pressure to exchange and I don't want to prolong matters. is my lawyer playing by the book?
You should not exchange unless you have been advised to do so by your conveyancing practitioner. A precondition to being on a mortgage company panel is to comply with the UK Finance Lenders’ Handbook provisions. The CML Conveyancing Handbook requires that your lawyer have the appropriate Disclosure of Incentive form completed by the developer and accepted by your lender.
We're in Shoreham By Sea, First time buyers buying with a mortgage (lender is Leeds Building Society , and our solicitor is on the Leeds Building Society conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Leeds Building Society conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no lawyer should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
A friend suggested that where I am purchasing in Shoreham By Sea I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is sometimes quoted for as part of the standard Shoreham By Sea conveyancing searches. It is a large report of about 40 pages, listing and setting out important information about Shoreham By Sea around the property and the people living there. It incorporates an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the Shoreham By Sea Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average House Prices, Crime details, Local Education with maps and statistics, Local Amenities and other useful information about Shoreham By Sea.
About to purchase a new build flat in Shoreham By Sea. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Shoreham By Sea
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Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? Please supply a car parking plan. Where there is an Undertaking being granted there is the risk of forfeiture of the Headlease subject to relief if one or more of the Underlessees are willing to accept the original Head Lessee’s obligations as otherwise relief will be denied to the Underlessees. The only alternatives are the Head Lessor agreeing not to forfeit the Headlease or the Head Lessee guaranteeing to the Underlessees that it will not be in breach of the Headlease.
I am tempted by the attractive purchase price for a couple of apartments in Shoreham By Sea which have about 50 years remaining on the leases. Do I need to be concerned?
There are plenty of short leases in Shoreham By Sea. The lease is a right to use the premises for a prescribed time frame. As a lease shortens the marketability of the lease deteriorates and it becomes more expensive to acquire a lease extension. For this reason it is generally wise to increase the term of the lease. Sometimes it is difficult to sell a property with a short lease because mortgage companies may be reluctant to lend money on such properties. Lease enfranchisement can be a difficult process. We advise that you get professional assistance from a solicitor and surveyor with experience in this field.
I am the registered owner of a leasehold flat in Shoreham By Sea, conveyancing was carried out January 1995. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Shoreham By Sea with an extended lease are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease ends on 21st October 2089
With just 65 years left to run the likely cost is going to span between £13,300 and £15,400 as well as legals.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use the figures in tribunal or court proceedings. There may be additional issues that need to be taken into account and you obviously want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first getting professional advice.