My friend's step-father is a property lawyer. I am hopeful that I will receive preferential rates for conveyancing, However if that does not come materialise, what level of costs should I be paying for conveyancing in Topsham?
You should contrast pricing. Make use of our comparison tool on this page. Whilst estimates do contrast greatly but the service one can expect differ between conveyancers as is true with most professions.
Please help - my lawyer says that absentee landlord insurance is needed on my purchase. What is the level of cover for Topsham conveyancing?
The appropriate level of absentee landlord indemnity insurance should be dictated by who your lender. It would differ for example between Nationwide Building Society and The Mortgage Works. Conveyancing practitioners as opposed to borrowers take out such policies.
I am expecting a DIP from TSB this week so we can work out what to offer on a property we like as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do TSB recommend any Topsham solicitors on the TSB conveyancing panel, or is it better to go independently?
You will need to appoint Topsham solicitors independently although you'll need to choose one on the TSB conveyancing panel. The solicitor represents both you and TSB through the process.
I have a mortgage with Clydesdale for my property in Topsham. Conveyancing was finalised 12 months ago. If I am intending to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
Your original mortgage agreement with Clydesdale will provide that you need their approval in advance of renting your property as this is likely to be a breach of Clydesdale’s mortgage conditions. It may be that Clydesdale will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. You need not do this via a Clydesdale conveyancing panel lawyer.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Topsham is the location of the property. Is there any guidance you can impart?
Flying freeholds in Topsham are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Topsham you would need to get your solicitor to go through the deeds diligently. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Topsham 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 premises.
How do I search for a Topsham law firm on the Virgin Money conveyancing panel? I have wheels and am willing to travel upto 20miles to meet the lawyer.
You can use the facility on this website. Please pick a mortgage company and your location and you will see a number of Topsham conveyancing lawyers located nearest you. We have listed some Topsham conveyancing firms towards the end of this page and you can contact them to check whether they are on the Virgin Money panel
I need to instruct a conveyancing solicitor for purchase conveyancing in Topsham. I've chance upon a web site which looks to be the perfect solution If there is a chance to get all this stuff completed via phone that would be ideal. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
I work for a busy estate agent office in Topsham where we have experienced a few leasehold sales jeopardised due to short leases. I have been given conflicting advice from local Topsham conveyancing firms. Can you confirm whether the owner of a flat can initiate the lease extension process for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to start the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the buyer need not have to sit tight for 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the sale.
An alternative approach is to extend the lease informally by agreement with the landlord either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I am the registered owner of a basement flat in Topsham, conveyancing having been completed September 2001. Can you work out an approximate cost of a lease extension? Equivalent flats in Topsham with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease runs out on 21st October 2078
With just 53 years unexpired we estimate the price of your lease extension to be between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and you obviously want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information before seeking the advice of a professional.