The conveyancer who assisted with my last purchase has quoted £1700 for fixed fee conveyancing in Burnage. I’m hoping to sell a Victorian property for £275,000. Are the quoted fees excessive? Is it above the norm for conveyancing in Burnage?
The quote is slightly on the high side. If you shop around you could reduce the fees marginally by perhaps £100 plus VAT. On the other hand, you couldcome to regret opting for an a cheaper lawyer. If is important to enquire the solicitor can also act for your mortgage company. You can utilise our comparison tool to find a Burnage conveyancing company on the lender’s approved list of lawyers which can often include conveyancing solicitors in Burnage.
I own a freehold premises in Burnage but nevertheless invoiced for rent, why is this and what is this?
It’s unusual for properties in Burnage and has limited impact for conveyancing in Burnage but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for many centuries, but the Rent Charge Act 1977 barred the generation of fresh rentcharges post 1977.
Previous rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
Is it necessary during the course of the conveyancing process to visit the offices of the solicitor to execute the mortgage deed? If so, I will instruct a firm who offer conveyancing in Burnage so that I can attend their offices if required.
Whereas this was necessary twenty years ago, most mortgage companies no longer require their conveyancing panel lawyer to witness the borrowers signature. It will still be necessary for you to hand over identification documents and there are still manifest advantages to instructing a local ayer, in your case a conveyancing solicitor in Burnage.
The mortgage over my property is with Clydesdale for my property in Burnage. Conveyancing has been completed a year ago. Should I wish to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a buy-to-let mortgage or inform Clydesdale?
You must advise Clydesdale prior to letting out your property as this is likely to be a breach of Clydesdale’s mortgage conditions. In many cases banks or building societies will allow you to rent out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Clydesdale directly. It should not be necessary to do this via a Clydesdale conveyancing panel firm.
Intending to buy a flat in Burnage. I have received an online quote from a licenced conveyancer, which states: "There will be no charge for dealing with the Lender if you are obtaining a mortgage". I take this to mean that there will be no additional fee if the solicitor is on the Bank of Ireland conveyancing panel. I wanted to make sure it means there will be no additional fees for dealing with the mortgage.
They are simply saying that the cost for acting for the lender is included in the fee being quoted. It is worth you checking that the Burnage conveyancer is on the Bank of Ireland conveyancing panel.
After shopping around on the internet I have found a Burnage conveyancer having made sure that they are on the Clydesdale conveyancing panel. Does my lawyer arrange the survey of the property?
Clydesdale will need an independent valuation of the property. Your lawyer will not arrange this. Usually Clydesdale 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. You may wish to consider appointing your own Burnage surveyor to carry out a survey or prepare a home buyers report on the property. It is up to you to satisfy yourself that the property is structurally sound before you buy it. If the survey or report reveals that building work is needed, you should tell your solicitor. You may wish to renegotiate with the seller.
I am looking at a two flats in Burnage both have in the region of fifty years unexpired on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold apartment in Burnage is a wasting asset as a result of the reducing lease term. The nearer the lease gets to its expiry date, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with less than 75 years become less and less attractive. On a more positive note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Burnage conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. You may find he or she is happy to negotiate informally and willing to consider your offer straight off, without having to involve anyone else. This will save you time and money and it could help you reach a lower price on the lease. You need to ensure that any new terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I invested in buying a garden flat in Burnage, conveyancing having been completed 4 years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Burnage with a long lease are worth £221,000. The ground rent is £50 invoiced annually. The lease expires on 21st October 2095
With just 70 years remaining on your lease we estimate the premium for your lease extension to range between £9,500 and £11,000 plus professional fees.
The figure above a general guide to costs for renewing a lease, but we are not able to supply a more accurate figure in the absence of detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There are no doubt 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.
My a dozen years ago. He has got wed, divorced and has recently remarried. He will be selling the flat next winter. I believe he will simply be need to supply copies of his marriage certificates to the property lawyer however he is worried it will frustrate the conveyancing. Is it worth updating the Land Registry documents for the house?
It is not absolutely necessary to bring up to date the title for the property on the basis that you have the proof required to demonstrate how the change of name resulted.
Any buyer’s solicitor will examine the registered details and ask for evidence to establish the change of name for example marriage certificates.