My family solicitor has sent a quote for £1200 for leasehold conveyancing in Spitalfields. I am looking to sell a purpose built house for £225,000. Is this over the top? Is it above what I should be paying for conveyancing in Spitalfields?
The costs illustration is slightly on the high side. If you shop around you may be able to decrease the fees marginally by perhaps a hundred pounds. That being said, you couldlive to rue opting for an an unknown lawyer. If is important to be sure that the firm can act for your lender. Do use our comparison tool to find a Spitalfields conveyancing firm on the lender’s approved list of lawyers which can often include conveyancing solicitors in Spitalfields.
I am the registered owner of a freehold residence in Spitalfields but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Spitalfields and has limited impact for conveyancing in Spitalfields 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 have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
Me and my partner are purchasing a property in Spitalfields. It might be a silly question but how we can trust a conveyancer? On the day of competition we have to deposit money into their account. What protection do we have from them run away with our monies?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
I happen to be the only beneficiary of my late grandmother’s estate and I have everything in my name now, including the my former home in Spitalfields. Conveyancing formalities meant that the Land Registry date was in August. I plan to dispose of the property. I understand that there is a Mortgage Lenders 6 month 'rule', which means that my proprietorship may be treated the same way as though I had purchased the property in August. Do I have to wait half a year to sell?
The CML handbook instructs conveyancers to: "report to us immediately if the owner or registered proprietor has been registered for less than six months." Technically you could be caught by that. How sensible a view mortgage companies take of it, depend on the bank as this obligation primarily exists to capture the purchase and immediately sell or the quick reselling of property.
Principality have agreed my home loan in principle, my bid on a house in Spitalfields has been accepted, now what?
Your estate agent will need to know who your solicitors are (ensure that the lawyers are on the lender’s approved list). Contact Principality or the financial adviser and finish off any appropriate documentation. Principality will sellect a valuer who will get in touch with the estate agent or owners to schedule an appointment. Once conducted (assuming no problems) it takes approximately a week to receive the mortgage offer. Principality will issue the offer to you and your solicitors. The transaction will then take it’s course according the nature and complexity of the conveyancing in Spitalfields.
How does conveyancing in Spitalfields differ for newly converted properties?
Most buyers of new build or newly converted property in Spitalfields approach us having been asked by the housebuilder to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in Spitalfields usually purchase the land, 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 property lawyers 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 Spitalfields or who has acted in the same development.
I am thinking of appointing a conveyancing lawyer in Spitalfields for my house move. Is there any facility to check a solicitor's record with the profession’s regulator?
Members of the public may read documented Solicitor Regulator Association (SRA) determinations arising from investigations from 2008 onwards. Go to Check a solicitor's record. For details about the period before 1 January 2008, or to check a firm's record, telephone 0870 606 2555, 08.00 - 18.00 any week day save for Tuesday when lines open at 9.30am. For callers outside the UK, use +44 (0)121 329 6800. The regulator sometimes monitor telephone calls for training requirements.
We are in the throes of a leasehold sale of a flat in Spitalfields. Conveyancing is fine but we have been asked to pay a fortune by the freeholder. So far we have paid £225 for a leasehold management information and then another £200 plus VAT for responses to queries supplied by the buyers lawyer.
Neither you or your conveyancer will have any say over the level of the charges for this information however the average fee for the information for Spitalfields leasehold premises is £350. For Spitalfields conveyancing sales it is standard for the vendor to cover the charges. The freeholder or their agents are under no legal obligation to answer these questions although many will be content to do so - albeit often at exorbitant prices where the fees bear little relation to the work involved. Unfortunately there is no legislation that mandates capped charges for administrative tasks. There is no legal time limit by which they are required to issue answers.