I'm in the process of changing my existing standard loan to a Buy to Let Nottingham Building Society mortgage. I have been informed by my broker that I must appoint a conveyancer as part of the process. I spoke to the same Colney Hatch conveyancing firm who dealt with the legals when I previously acquired the house. The costs estimate supplied of £470 has taken me by surprise as its a remortgage than a sale or purchase.
The estimate fees are a bit high. If you you were to look around you could get the conveyancing a bit cheaper by say a hundred pounds. On the other hand, providing that you were satisfied with the legal work the firm provided you mightlive to rue opting for an a cheaper solicitor. Don't forget to ensure the firm can represent Nottingham Building Society. You can utilise our search tool to get a quote a Colney Hatch conveyancing firm on the Nottingham Building Society member panel, which can often include conveyancing solicitors in Colney Hatch.
I own a freehold house in Colney Hatch but nevertheless pay rent, why is this and what is this?
It’s unusual for properties in Colney Hatch and has limited impact for conveyancing in Colney Hatch 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 date back many centuries, but the Rent Charge Act 1977 barred the generation of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
A colleague advised me that where I am purchasing in Colney Hatch I should carry out a Neighbourhood, Planning and Local Amenity Search. What does it cover?
A search of this type is usually quoted for as part of the standard Colney Hatch conveyancing searches. It is not a small document of about 40 pages, listing and detailing important information about Colney Hatch around the property and the people living there. It includes an Aerial Photograph, Planning Applications, Land Use, Mobile Phone Masts, Rights of Way, the local Housing Market, Council Tax Banding, the type of People living in the area, the dominant type of Housing, the Average Property Price, Crime statistics, Local Education with plans and statistics, Local Amenities and other useful data concerning Colney Hatch.
How does conveyancing in Colney Hatch differ for newly converted properties?
Most buyers of new build or newly converted property in Colney Hatch approach us having been asked by the seller to sign contracts and commit to the purchase even before the premises is ready to move into. This is because new home sellers in Colney Hatch tend to buy the real estate, 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 property lawyers 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 Colney Hatch or who has acted in the same development.
Should I use a Colney Hatch conveyancing solicitor in close proximity to the house I am buying? We have a good friend who can conduct the legal work but her office is 200miles drive away.
The benefit of a high street Colney Hatch conveyancing practice is that you can visit the firm to execute paperwork, deliver your ID and pester them if necessary. Having local Colney Hatch know how is a plus. That being said it's more important to get someone that will do a good and efficient job. If you know people who used your friend and the majority were happy that should outweigh using an unknown Colney Hatch conveyancing lawyer solely due to them being local.
I am due to review costs for conveyancing in Colney Hatch from three lawyer and choose one. Am I right to get them to sit tight until I a suitable house to buy.
We would recommend that you wait to ask your conveyancer to start work and submit searches once the sales confirmation has been issued by the selling agent particularly as Colney Hatch conveyancing searches are a couple of hundred pounds.