Am I correct in assuming that the fact that my conveyancer in Cheltenham is not on my lender's conveyancing panel that there is a problem with the standard of the firm’s conveyancing?
That is more than likely an incorrect assumption to make. There are all sorts of perfectly plausible explanations. A recent report by the solicitors regulator indicated that over three quarters of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) low volume of transactions (2) the solicitor is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. Where you are concerned you should contact the Cheltenham conveyancing firm and enquire why they are no longer on the approved list for your lender.
AssumingI were to purchase a straightforward propertyin Cheltenham for cash and have no survey and no conveyancing searches how much should I expect to to save on my conveyancing in Cheltenham?
The only saving you would make on is the Cheltenham conveyancing searches. A lawyer still got to do everything else - money laundering, liaising with your sellers property lawyer, SDLT submission, register the ownership etc. A marginal saving might be made by not needing to register a charge but it will not be a lot.
I'm buying a new build house in Cheltenham with a mortgage from HSBC Bank. The developers would not reduce the price so I negotiated £7000 of extras instead. The sale representative suggested that I not disclose to my solicitor about this extras as it may adversely affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer 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'm refinancing my primary home to a BTL loan with Alliance & Leicester and I will use the rest of the raised equity as a down payment on another property. The area we are looking at is Cheltenham. Will your solicitors be able to act for both sets of banks and tie in the transactions?
Make use of our search tool on this page to be sure that the solicitors are approved by both banks. Having checked that they are the conveyancer should be able to tie up the two deals but you should talk with you solicitor and specify your expectations and requirements.
My cousin has encouraged me to appoint his conveyancing solicitors in Cheltenham. Should I find my own conveyancer?
Much as we are happy to recommend a Cheltenham conveyancing lawyer the ideal way to find a conveyancing lawyer is to seek guidance from friends or relatives who have actually experience in using the firm that you are considering.
I am looking at a two flats in Cheltenham both have approximately fifty years remaining on the leases. Will this present a problem?
There are no two ways about it. A leasehold flat in Cheltenham 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 salability of the premises. The majority of purchasers and lenders, leases with under 75 years become less and less marketable. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the property 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 premises 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 Cheltenham 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 the agreed 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 inherited a 1 bedroom flat in Cheltenham, conveyancing formalities finalised half a dozen years ago. How much will my lease extension cost? Corresponding properties in Cheltenham with over 90 years remaining are worth £201,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2089
With just 64 years left to run we estimate the price of your lease extension to span between £14,300 and £16,400 as well as professional fees.
The figure that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs without more comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action based on this information without first getting professional advice.