I was recommended to a solicitor who has quoted £1400 for leasehold conveyancing in Chepstow. I am looking to sell a purpose built property for £250,000. This appears expensive. Is it in excess of the average fee for conveyancing in Chepstow?
The charges are a bit high. If you shop around you may be able to get the conveyancing a bit cheaper by perhaps £100 plus VAT. That being said, you mightcome to regret opting for an an unknown lawyer. Remember to enquire that the firm can also act for your mortgage company. Do employ our search tool to locate a Chepstow conveyancing firm on the banks conveyancing panel which can often include conveyancing solicitors in Chepstow.
Are there restrictive covenants that are commonly picked up as part of conveyancing in Chepstow?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Chepstow. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Chepstow differ for newly converted properties?
Most buyers of new build premises in Chepstow come to us having been asked by the builder to exchange contracts and commit to the purchase even before the premises is built. This is because builders in Chepstow typically acquire the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Chepstow or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a house I have offered on last month in what should have been a simple, chain free conveyancing. Chepstow is the location of the property. Can you shed any light on this issue?
Flying freeholds in Chepstow are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Chepstow you would need to get your solicitor to go through the deeds thoroughly. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Chepstow 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 property.
Should I be concerned by brokers that I am dealing with are recommending a factory type conveyancing firm rather than a High Street Chepstow conveyancing practice?
As is the case with lots of professional services, often recommendations from family and friends can be worth their weight in gold. Nevertheless there are many players in a conveyancing matter; estate agents, financial adviser and mortgage companies may recommend conveyancers to use. On occasion the conveyancers might be known to one of the organisations as being good in their field, but sometimes there may be a commercial relationship behind the recommendation. You have the discretion to select your preferred lawyer. Don't forget that the majority of mortgage providers operate an approved list of lawyers you must use for the mortgage related work in your house move.
I am in need of some leasehold conveyancing in Chepstow. Before I get started I require certainty as to the remaining lease term.
If the lease is recorded at the land registry - and almost all are in Chepstow - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
Chepstow Conveyancing for Leasehold Flats - Examples of Questions you should ask Prior to buying
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It would be sensible to find out as much as you can about the company managing the block as they will impact your use and enjoyment of the property. Being a leasehold owner you are often at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the cleanliness of the common parts. You should not be shy to ask other tenants if they are happy with them. On a final note, find out the dates that the service charges are due to the relevant party and specifically what it includes. Most Chepstow leasehold properties will have a service bill for the upkeep of the building set by the management company. Where you acquire the flat you will have to meet this charge, normally in instalments throughout the year. This could be anything from a couple of hundred pounds to thousands of pounds for large purpose-built blocks. In all likelihood there will be a ground rent to be met annual, this is usually not a significant amount, say around £25-£75 but you need to enquire it because sometimes it could be prohibitively expensive. Where a Chepstow lease has less than 80 years it will impact the value of the apartment. Check with your lender that they are willing to go ahead with the loan given the lease term. A short lease means that you will probably have to extend the lease sooner rather than later and you need to have some idea of how much this will be. Remember, in most cases you will need to own the property for 24 months before you are legally able to carry out a lease extension.