I was recommended to a conveyancer who has quoted £1150 for no sale no fee conveyancing in Yeovil. I am hoping to sell a modern house for £150,000. Are these estimated fees excessive? Is it in excess of what I should be paying for conveyancing in Yeovil?
The charges are a little high. Where you are willing to spend time scrutinising prices you could get the conveyancing a bit cheaper by say a hundred pounds. That being said, you maycome to rue choosing an an unknown solicitor. Remember to ensure that the conveyancer can represent your bank. Do make use of our search tool to locate a Yeovil conveyancing firm on the lender’s member panel which can often include conveyancing solicitors in Yeovil.
I have just over seventy years remaining on my lease and require a lease extension for my apartment in Yeovil. Conveyancing solicitors on the Virgin panel can deal with such extensions correct?
Most leasehold conveyancing experts should be able to deal with a lease extension. if you are obtaining a mortgage then your lender may insist that the lease be extended before competition. Virgin have specific requirements as set out in the UK Finance Lenders’ Handbook in relation to minimum unexpired lease terms. As of 18/4/2024 the requirements read as follows :
What is the difference between a licensed conveyancer and conveyancing solicitor in Yeovil
Two types of professional can do conveyancing in Yeovil namely CLC regulated conveyancers or solicitors. Both professionals provide conveyancing services that required to complete the sale or acquisition of property. They are both required to perform Yeovil conveyancing to the same quality and guidelines so you may be safe in the knowledge that your conveyancing will be professionally conducted and that the necessary steps will be correctly followed.
We are getting the release of further funds on our mortgage from UBS as we wish to conduct a loft conversion to our house in Yeovil. Do we need to select a local Yeovil solicitor on the UBS conveyancing panel to deal with the legals?
UBS would not normally require firms on their approved list of lawyers to deal with such a matter. If they do require any legal work then you would need to ensure that such a lawyer was on the UBS conveyancing panel.
Having read lots of house buying guides, I note that they all recommend that you should get your house surveyed prior to buying it. When I asked my local Yeovil solicitor - who is on the Principality conveyancing panel - on this she said they don't do this and I need to contract an independent surveyor. is that correct?
Principality will need an independent valuation of the property. Your lawyer will not arrange this. Usually Principality will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your lawyer will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your Yeovil postcode. As you are getting a mortgage with Principality, you could contact them to see if they have a list of approved surveyors in Yeovil.
I am buying my first flat in Yeovil with a mortgage from Barclays . The builders refused to move on the amount so I negotiated five thousand pounds worth of fixtures and fittings instead. The sale representative suggested that I not disclose to my lawyer about this side-deal as it would jeopardize my loan with the lender. Is this normal?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
Do I need to be concerned by estate agents that I am dealing with are recommending a nationwide conveyancing firm rather than a local Yeovil conveyancing firm?
As is the case with lots of professional services, often referrals from family and friends can be worth their weight in gold. But there are many players in a conveyancing matter; estate agents, mortgage brokers and lenders might all recommend conveyancers to use. Sometimes the solicitors might be known to one of the organisations as being good in their field, but occasionally there behind the scenes financial incentive behind the endorsement. You have the right to appoint your preferred lawyer. You need to be aware that the majority of banks have an approved list of law firms you have to use for the mortgage related work in your conveyancing.
We own a leasehold flat in Yeovil. Conveyancing was completed in 21012. I have heard that I should not allow the the remaining lease term to fall too short. Is this correct?
Yeovil leasehold properties are for a prescribed term - usually just under one hundred years when they commenced. However a significant appartments in Yeovil were constructed or converted in the 60’s and so these leases now have fewer than eighty years unexpired. That may sound like plenty of time however Banks, Building Societies and other mortgage lenders tend to require leases to have at least seventy five years left to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are nearing seventy five years. To optimize the marketability of your property you should be considering whether or not to extend your lease well in advance of selling the property. Furthermore strong financial reasons to taking action before the lease reaches even 80 years as when the lease is less than 80 years the amount you have to pay to extend starts to increase.