I am in the throes of porting my current residential mortgage to a BTL TSB mortgage. I was told by my mortgage that I must appoint a conveyancer as part of the process. I got in contact with my former Bruton conveyancing practitioner who acted on my behalf when I initially bought the house. The costs illustration e-mailed to me of £450 plus VAT has shocked me as its a refinance than a sale or purchase.
The estimate fees appear a little high. Where you are content to expend time comparing prices you may be able to get the conveyancing a bit cheaper by say £125. On the other hand, if you were content with the service the firm offered you couldlive to rue choosing an an untested conveyancer. Remember to check that the firm can act for TSB. Do utilise our search tool to find a Bruton conveyancing firm on the TSB approved list of lawyers, which can often include conveyancing solicitors in Bruton.
Our grandson is about to exchange on a newly built flat in Bruton with a mortgage from Clydesdale. His conveyancer has said that there is a delay in completing the ‘Disclosure of Incentive Form’. This document is news to me - what is it and who needs sight of it?
The form is intended to provide information to the main parties engaged in the purchase. Therefore, it will be provided to your son’s lawyer who should be on the Clydesdale conveyancing panel as a standard part of the process, and to the valuer when asked. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the Clydesdale conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
Have just purchased a probate house at auction in Bruton. Conveyancing is required. What are my next steps?
Having legally bound yourself to purchase you must instruct a conveyancing solicitor as a matter of urgency as you now have a pending a drop dead date to complete the deal. All auction property will ordinarily have a bespoke legal set of papers. This should include the copy title deeds, local authority and drainage searches. If you have purchased leasehold property the conveyancing pack may provide a copy of the lease, management information and a sellers leasehold information form and other conveyancing documentation relating to leasehold premises. You need to hand this to the lawyer working for you at the earliest opportunity. You also need to ensure that that you have the requisite funding organised to complete on the on the contractual date .
This question may be naive but I am unseasoned as a 1st time buyer of a garden flat in Bruton. Do I receive the keys to the property on completion from my solicitor? If so, I will instruct a High Street conveyancing solicitor in Bruton?
On the day of completion you will not be required to attend the conveyancers office in Bruton. Conveyancing lawyers for you will electronically transfer the completion advance to the seller's solicitors, and shortly after the monies have arrived, you should be called to pick up the keys from the Estate Agents and start moving into the property. This tends to happen early afternoon.
We are getting a further advance on our mortgage from Virgin Money as we wish to carry out alterations to our house in Bruton. Are we obliged to appoint a bricks and mortar Bruton solicitor on the Virgin Money conveyancing panel to deal with the legals?
Virgin Money do not ordinarily instruct firms on their approved list of lawyers to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Virgin Money panel.
It has been 2 months since my purchase conveyancing in Bruton took place. I have checked the Land Registry website which shows that I paid £175,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the asset from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I decided to have a survey carried out on a property in Bruton prior to appointing conveyancers. I have been told that there is a flying freehold aspect to the house. Our surveyor advised that some banks may not issue a loan on a flying freehold house.
It depends who your proposed lender is. HSBC has different requirements from Nationwide. Should you wish to call us we can investigate further with the appropriate lender. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Bruton. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Bruton to see if the conveyancing will be more expensive.
Last June I purchased a leasehold house in Bruton. Do I have any liability for service charges for periods before completion of my purchase?
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. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. It is an essential part of leasehold conveyancing for your conveyancer to ensure 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 own a split level flat in Bruton, conveyancing formalities finalised half a dozen years ago. Can you please calculate a probable premium for a statutory lease extension? Similar properties in Bruton with a long lease are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease expires on 21st October 2078
With only 53 years left to run we estimate the premium for your lease extension to be between £27,600 and £31,800 as well as legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on a more accurate figure without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be additional issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first seeking the advice of a professional.