My best friend’s uncle is a conveyancing practitioner. I hope that I will receive friends and family fee for conveyancing, but if not, what kind of figure should I be paying for conveyancing in Stockton on Tees?
It’s sensible to obtain 3 or more like-for-like conveyancing estimates. Make use of our search tool on this page. Whilst amounts will vary but service levels do are distinct between conveyancers as is true with the vast majority of professional services.
I happen to be the only beneficiary of my late father’s estate and I have everything in my name alone, including the house in Stockton on Tees. The Stockton on Tees property was put into my name in December. I now wish to sell up. I understand that there is a CML 6 month 'rule', meaning my property ownership could be regarded the same way as though I had purchased the house in December. Will no one buy the property for half a year?
The Council of Mortgage Lenders’ handbook requires solicitors 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 banks take of it, depend on the mortgage company as this clause principally exists to identify the purchase and immediately sell or the quick reselling of property.
We had instructed conveyancing lawyers based in Stockton on Tees on the Bank of Ireland solicitor panel. They are now charging me a supplemental charge for the legal aspects of the Bank of Ireland mortgage. Is this an additional conveyancing fee set by Bank of Ireland?
As unfair as it may appear, as long as it’s in their Terms and Conditions or estimate then yes your lawyer can levy a fee for this. This fee is not dictated by Bank of Ireland but by your Stockton on Tees solicitor. Numerous firms on the Bank of Ireland panel will charge ’dealing with mortgage’ fee and others do not.
About to purchase house in Stockton on Tees. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Nottingham conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Stockton on Tees solicitor is on the Nottingham conveyancing panel.
I am buying a new build apartment in Stockton on Tees. Conveyancing is necessary evil 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 conveyancing.
Set out below is a sample of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Stockton on Tees
-
Forfeiture - bankruptcy or liquidation must not apply under this provision. Where service of notices and proceedings can be at the property demised please confirm that this can be amended to include simultaneous services at the Lessees’ solicitors’ offices where the Lessee from time to time is not resident in the UK - such solicitors may be varied by notice in writing to the Landlord from time to time but otherwise will be as previously specified. Please confirm the Lease plans are surveyor prepared. 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. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose?
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in two weeks back in what should have been a simple, no chain conveyancing. Stockton on Tees is where the house is located. Can you offer any opinion?
Flying freeholds in Stockton on Tees are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stockton on Tees you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stockton on Tees may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
I was recommended by three or four local property agents in Stockton on Tees to select a solicitor using your seach tool. Is there a financial advantage for Estate Agents to promote your services over alternative conveyancing organisations?
We don’t offer any commission for directing people in our direction. We thought it would be too underhand to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am tempted by the attractive purchase price for a two apartments in Stockton on Tees which have in the region of forty five years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Stockton on Tees is a deteriorating asset as a result of the shortening lease. The closer the lease gets to its expiry date, the more it reduces the value of the property. The majority of buyers and banks, leases with less than eighty years become less and less attractive. On a more positive 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 a residence 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 Stockton on Tees 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. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new 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.
I acquired a 1st floor flat in Stockton on Tees, conveyancing having been completed 3 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar properties in Stockton on Tees with a long lease are worth £171,000. The ground rent is £50 yearly. The lease comes to an end on 21st October 2104
With 79 years unexpired the likely cost is going to be between £8,600 and £9,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure above a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of comprehensive due diligence. Do not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Neither should you move forward based on this information before getting professional advice.