I had intended to instruct a conveyancing solicitor in Watton for our home move. Our financial adviser has since advised us that our mortgage company Birmingham Midshires won't deal with them. Why is this not regarded as unduly restrictive?
A mortgage company will direct that an approved conveyancer act for it. Borrowers are liable to bear the cost of this. Try using our directory service to select a solicitor to carry conveyancing in Watton on the Birmingham Midshires approved list of solicitors.
I am looking for a leasehold apartment up to £235,500 and found one near me in Watton I like with a park and transport links nearby, the downside is that it only has 52 remaining years left on the lease. There is not much else in Watton suitable, so just wondered if I would be making a mistake purchasing a lease with such few years left?
Should you need a home loan the remaining unexpired lease term will be a potential deal breaker. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the existing owner has owned the property for a minimum of 2 years you can ask them to commence the lease extension formalities and then assign it to you. An additional ninety years can be extended on to the current lease with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Do I need to be suspicious by brokers that I am dealing with are recommending an internet conveyancing firm rather than a local Watton conveyancing company?
As with many service providers, often referrals from connections can be extremely useful or valuable. Yet there are numerous players in a conveyancing matter; estate agents, mortgage brokers and banks might all put forward lawyers to select. Sometimes the solicitors might be known to one of the organisations as being good in their field, but occasionally there is an underlying commercial relationship behind the recommendation. You have the right to choose your own lawyer. You need to be aware that some banks have an approved list of lawyers you have to use for the lender related work in your home move.
I need to instruct a conveyancing solicitor for sale conveyancing in Watton. I happened to stumble across a web site which appears to be the perfect answer If there is a chance to get all the legals done via email that would be preferable. 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've recently bought a leasehold property in Watton. Do I have any liability for service charges for periods before my ownership?
In a situation where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to be sure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
I acquired a split level flat in Watton, conveyancing formalities finalised December 2007. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent flats in Watton with an extended lease are worth £186,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease runs out on 21st October 2078
With just 53 years remaining on your lease we estimate the premium for your lease extension to range between £27,600 and £31,800 as well as plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we are not able to supply the actual costs without more comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional issues that need to be considered and you obviously should be as accurate as possible in your negotiations. You should not take any other action based on this information before seeking the advice of a professional.
My wife and I have instructed a Watton conveyancing solicitor for our house purchase (first time buyers) and have spotted in the engagement letter that they are not governed by the FCA. Am I right to be worried or is that standard with property lawyer?
We can't see why they should be. Most property lawyer don't lend money. They should be regulated by the SRA, who set strict laws in place on monies deposited on client account.