I am acquiring a house mortgage free in Bristol. I have resided for the previous 15 years in Bristol. Conveyancing searches are expensive. As I have knowledge of the area and road very well should I not bother getting the solicitor to do all the conveyancing searches?
If you not getting a home loan, then all but one or two of the Bristol conveyancing searches are non-obligatory. Your lawyer will try and steer you, no-doubt strongly, that you should have searches completed, but she has a professional duty to do this. One thing to bear in mind; if you are going to dispose of the house at a future date, it will be of importance to your prospective purchaser what the searches determine. Sometimes properties with functional issues can still reveal unfavourable search results. A good conveyancing solicitor in Bristol will be able to give you some constructive guidance here.
Should lawyers request an advanced payment for my conveyancing in Bristol?
Where you are retaining lawyers for conveyancing in Bristol your lawyer will ask you put them with funds to cover the search fees. This will be the total of the cost of the Local Authority Search. When the down payment is as part of the sale price then this should be asked for shortly in advance of contracts are exchanged. The closing balance that is needed should be transferred shortly before completion.
I am buying my first flat in Bristol benefiting from help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of additionals instead. The house builders rep suggested that I not disclose to my conveyancer about the deal as it will adversely affect my mortgage with the lender. Do I keep my lawyer in the dark?.
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.
I am looking for a flat up to £245,000 and found one near me in Bristol I like with amenity areas and railway links in the vicinity, the downside is that it only has 51 years unexpired on the lease. There is not much else in Bristol in this price bracket, so just wondered if I would be making a mistake purchasing a lease with such few years left?
If you need a home loan the shortness of the lease may be an issue. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the premises for at least twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor regarding this matter.
I am hoping to put an offer on a small detached house that seems to meet my requirements, at a reasonable figure which is making it all the more appealing. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a house with a leasehold title in Bristol. Conveyancing solicitors have are soon to be instructed. Will they explain the issues?
Most houses in Bristol are freehold rather than leasehold. In this scenario it’s worth having a local solicitor used to dealing with such properties who can help the conveyancing process. It is clear that you are purchasing in Bristol so you should seriously consider shopping around for a Bristol conveyancing solicitor and be sure that they are used to advising on leasehold houses. First you will need to check the number of years remaining. As a leaseholder you will not be entirely free to do whatever you want to the property. The lease will likely included provisions for example requiring the landlord’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the property is located on an estate. Your solicitor should advise you fully on all the issues.
I acquired a studio flat in Bristol, conveyancing was carried out in 1995. How much will my lease extension cost? Corresponding properties in Bristol with an extended lease are worth £227,000. The ground rent is £50 levied per year. The lease ends on 21st October 2098
With only 72 years unexpired the likely cost is going to span between £9,500 and £11,000 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 renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not move forward based on this information before seeking the advice of a professional.
To what extent are Bristol conveyancing solicitors under an obligation to the Law Society to publish transparent conveyancing figures?
Contained within the Solicitors Code of Conduct are set rules and regulations as to how the Solicitors Regulation Authority (SRA) allow solicitors to publicise their fees to clients.The Law Society have practice note giving advice on how to publicise transparent charges to avoid breaching any such rule. Practice notes are not legal advice issued by the Law Society and is not to be regarded as the only standard of good practice a conveyancing solicitor should adhere to. The Practice Note does, nevertheless, represent the Law Society’s view of acceptable practice for publicising conveyancing charges, and accordingly it’s a recommended read for any solicitor or conveyancer in Bristol or or elsewhere in the country.