Having been recommended your site we were going to appoint conveyancing solicitor in Ulverston found by you but stumbled across alternative fee calculations via the web appear less pricey – how come?
One can find plenty of conveyancers marketing theoretically looks to be cut price. Our advice is to think long and hard about how much you respect your own move to you are willing to be penny wise pound foolish with regard to the standard of the conveyancing. Many of them accentuate a bargain quote to grab your attention but hide extra costs in the fine print..
We were just about to exchange contracts for a semi detached house in Ulverston. We have hit a problem. Our mortgage offer with Norwich and Peterborough Building Society expires on 9/10/2025 but the sellers are insisting on a completion date of 13/10/2025. Can one prolong the mortgage expiry date?
The best person to address this question is your conveyancer who will assess if they corresponding with the bank, owner’s solicitors, selling agents or possibly all three given the circumstances your house move as of today.
Can you explain why leasehold purchase conveyancing in Ulverston is more expensive?
In short, leasehold conveyancing in Ulverston and elsewhere usually necessitates additional hours of investigation compared to freehold conveyancing. This includes reviewing the lease, liaising with the landlord concerning serving appropriate notices, obtaining current service charge and management information, obtaining the landlord’s consents and reviewing management accounts. The obligations on both the landlord and the tenant in the lease need to be studied by the buyer’s conveyancing team and read from beginning to end – regardless of the fact the lease has passed through many different property solicitors hands since it was first granted.
We're in Ulverston, First time buyers purchasing with a mortgage (lender is Lloyds , and our lawyer is on the Lloyds conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Lloyds conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner 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.
I have been on the look out for a flat up to £195,000 and found one near me in Ulverston I like with amenity areas and railway links in the vicinity, the downside is that it only has 61 remaining years left on the lease. There is not much else in Ulverston for this price, so just wondered if I would be making a mistake buying a lease with such few years left?
If you need a mortgage that many years may be an issue. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of 2 years you may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this.
Do you have any advice for leasehold conveyancing in Ulverston with the purpose of saving time on the sale process?
- A significant proportion of the frustration in leasehold conveyancing in Ulverston can be bypassed where you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the buyers’ representatives. If you have had conflict with your freeholder or managing agents it is essential that these are settled prior to the flat being marketed. The purchasers and their solicitors will be reluctant to purchase a flat where a dispute is unresolved. You may need to swallow your pride and discharge any arrears of service charge or settle the dispute prior to the buyers completing the purchase. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal particulars of the dispute to the purchasers, but it is better to present the dispute as over rather than ongoing. If you have carried out any alterations to the residence would they have required Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Ulverston state that internal structural changes or installing wooden flooring require a licence from the Landlord consenting to such alterations. Should you fail to have the approvals in place you should not communicate with the landlord without checking with your solicitor in the first instance. A minority of Ulverston leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should place the estate agents on notice to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference should make it clear that the buyer is able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the buyers or their lawyers. You may think that you are aware of the number of years left on your lease but you should verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to to exchange contracts if the remaining number of years is less than 80 years. It is therefore important at an early stage that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your home on the market for sale.
I invested in buying a studio flat in Ulverston, conveyancing formalities finalised 5 years ago. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Comparable flats in Ulverston with a long lease are worth £222,000. The average or mid-range amount of ground rent is £50 invoiced annually. The lease finishes on 21st October 2095
With only 70 years left to run the likely cost is going to be between £9,500 and £11,000 as well as professional fees.
The figure above a general guide to costs for renewing a lease, but we cannot give you a more accurate figure without more comprehensive investigations. You should not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.