Just been in touch with my conveyancing solicitor in Sprowston who completed the legal work 18 months ago requesting a conveyancing quote based on the same type of home move (a leasehold premises and a freehold property) of similar values with a mortgage from Santander. It looks as though am now being charged double. Am I right to be tempted to shop around for an alternative firm of conveyancing solicitor?
The estimate does seem a little steep. If you are prepared to expend time contrasting quotes you may be able to trim some of the expense by say £125. On the other hand, if you were content with the assistance the firm offered you maylive to rue opting for an an untested lawyer. Don't forget to ensure that the solicitor can also act for Santander. Do make use of our search tool to select a Sprowston conveyancing firm on the Santander conveyancing panel, which can often include conveyancing solicitors in Sprowston.
Is there a reason why leasehold purchase conveyancing in Sprowston costs more?
Sprowston leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
Do I need to pay for insurance to address the risk of chancel repairs when purchasing a house in Sprowston?
Unless a previous acquisition of the premises completed post 12 October 2013 you can expect solicitors carrying out conveyancing in Sprowston to remain recommending a chancel search and or chancel repair liability insurance.
It has been five months since my purchase conveyancing in Sprowston 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 asset 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.
I am thinking of appointing a conveyancing solicitor in Sprowston for my house move. Is there any facility to check a solicitor's record with the legal regulator?
You can see published Solicitor Regulator Association (SRA) decisions stemming from inquisitions from 2008 onwards. Visit Check a solicitor's record. For information Pre 2008, or to check a firm's record, call 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 SRA sometimes recorded telephone calls for training requirements.
I am looking at a two flats in Sprowston which have approximately fifty years left on the lease term. Will this present a problem?
There is no doubt about it. A leasehold flat in Sprowston is a wasting asset as a result of the shortening lease. The closer the lease gets to zero years unexpired, the more it adversely affects the marketability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of premises with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Sprowston conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Sprowston - A selection of Queries before Purchasing
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Many Sprowston leasehold apartments will have a service charge for the upkeep of the building set on behalf of the freeholder. If you buy the apartment you will have to meet this contribution, normally quarterly accross the year. This may differ from a couple of hundred pounds to thousands of pounds for blocks with lifts and large communal areas. There will also be a ground rent to be met annual, ordinarily this is not a large sum, say approximately £25-£75 but you should to check it because occasionally it can be surprisingly expensive. How many of the leaseholders are in arrears for their maintenance charge payments? Its a good idea to discover as much as possible about the company managing the building as they will either make your life much simpler or much more difficult. Being a leasehold owner you will be at the mercy of the managing agents both financially and when it comes to every day issues like the tidiness of the communal areas. Ask other tenants what they think of their service. In conclusion, investigate as to the dates that the maintenance charges are due to the managing agents and specifically what you get for your money.