I am in the throes of transferring my domestic mortgage to a BTL Barnsley Building Society mortgage. I was told by my mortgage that I need a conveyancer as part of the process. I spoke to my former Cheddar conveyancing solicitor who who completed the conveyancing when I first purchased the house. The costs estimate e-mailed to me of £550 is surprising as its a refinance than a sale or purchase.
The costs illustration is slightly on the expensive side. If you shop around you might decrease the fees slightly by as much as £125. That being said, assuming were happy with the legal work the firm provided you mightlive to rue choosing an a cheaper solicitor. Don't forget to ensure the firm can act for Barnsley Building Society. You can make use of our search tool to get a quote a Cheddar conveyancing firm on the Barnsley Building Society approved list of lawyers, which can often include conveyancing solicitors in Cheddar.
I am considering applying for a Kent Reliance mortgage for purchase of a new build (under development) in Cheddar with 70% loan to value. Is it compulsory to choose a solicitor on the conveyancing panel for Kent Reliance ?
There is nothing to stop you using your solicitor, but Kent Reliance will insist on their interests being represented by a firm on their conveyancing panel. There is greater potential for delays and confusion with an additional lawyer added to the mix, and it will undoubtedly be more expensive too.
I've recently found out that there is a flying freehold element on a property I put an offer in a fortnight ago in what was supposed to be a straight forward, chain free conveyancing. Cheddar is the location of the property. Is there any guidance you can give?
Flying freeholds in Cheddar are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Cheddar you would need to get your solicitor to go through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Cheddar may determine that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold residence.
We're new on the property ladder - had an offer accepted, but the selling agent has warned us that the vendor will only go ahead if we instruct their recommended solicitors as they want a ‘quick sale’. Our preferred option is to instruct a high street solicitor with experience of conveyancing in Cheddar
It is highly unlikely the vendors are driving this. If they require ‘a quick sale', taking such a hostile approach to a genuine purchaser is likely to cause more damage than good. Avoid the agents and go straight to the owners and make sure they understand (a)you are keen to buy (b)you are ready to go, with finances in place © you are chain free (d) you intend to proceed fast (e)but you will continue to instruct your own,trusted Cheddar conveyancing firm - rather thanthose that will earn the estate agent a commission or meet his conveyancing targets pre-set by head office.
I am hoping to put an offer on a small detached house that appears to be perfect, at a great price which is making it all the more appealing. I have just discovered that the title is leasehold rather than freehold. I would have thought that there are issues buying a house with a leasehold title in Cheddar. Conveyancing solicitors have are about to be instructed. Will they explain the issues?
Most houses in Cheddar are freehold rather than leasehold. This is one of the situations where having a local conveyancer used to dealing with such properties who can help the conveyancing process. it is apparent that you are buying in Cheddar so you should seriously consider looking for a Cheddar conveyancing solicitor and be sure that they have experience in advising on leasehold houses. First you will need to check the number of years remaining. As a tenant you will not be entirely free to do whatever you want to the property. The lease comes with conditions for example requiring the freeholder’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the maintenance of the estate where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I own a studio flat in Cheddar, conveyancing having been completed in 1995. Can you let me have an estimated range of the fair premium for a lease extension? Equivalent properties in Cheddar with an extended lease are worth £222,000. The ground rent is £50 invoiced annually. The lease runs out on 21st October 2096
You have 71 years remaining on your lease we estimate the price of your lease extension to range between £9,500 and £11,000 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive investigations. You should not use this information in tribunal or court proceedings. There may be additional concerns that need to be taken into account and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information before getting professional advice.
Our conveyancer in Cheddar has uncovered a a legal deficiency with the lease for the property we are purchasing in Cheddar. The seller’s lawyers have offered title insurance as a solution. We are happy with insurance and will pay for it. Our solicitor says that as he is on the lender conveyancing panel he must ensure that the lender is happy with this solution. Who is the client here, us or the lender?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the bank are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the bank can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.