I was recommended to a lawyer who has given a fee calculation of £1700 for freehold conveyancing in Costessey. I am looking to sell a newly refurbished property for £125,000. Are the quoted fees excessive? Is it in excess of the norm for conveyancing in Costessey?
The estimate does seem marginally steep. If you shop around you could decrease the fees marginally by say a hundred pounds. That being said, you maycome to regret choosing an a cheaper lawyer. Don't forget to check the conveyancer can also act for your mortgage company. You can use our comparison tool to choose a Costessey conveyancing firm on the lender’s conveyancing panel which can often include conveyancing solicitors in Costessey.
What does my ID and proof of funds have anything to do with my conveyancing in Costessey? Why is this being asked of me?
Costessey conveyancing solicitors as well as nationwide property practitioners throughout the UK have an obligation under Anti-terror and anti-money-laundering rules to verify the identity of any client in order to satisfy themselves that clients are who they say they are.
Conveyancing clients are required to supply two forms of certified ID; proof of identity (typically a Passport or Driving Licence) and evidence of address (typically a Utility Bill less than 3 months old).
Confirmation of the origin of monies is also necessary in compliance with the money laundering laws as solicitors have a duty to ensure that the funds you are using to acquire a property (be it the exchange deposit or the total purchase price where you are buying mortgage free) has originated from an acceptable source (such as employment savings) and is not the fruits of illegitimate activity.
How does conveyancing in Costessey differ for newly converted properties?
Most buyers of new build premises in Costessey approach us having been asked by the builder to exchange contracts and commit to the purchase even before the property is finished. This is because house builders in Costessey usually buy 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 accustomed to new build conveyancing in Costessey or who has acted in the same development.
Yesterday I discovered that there is a flying freehold issue on a house I have offered on two weeks back in what should have been a quick, chain free conveyancing. Costessey is the location of the property. Can you shed any light on this issue?
Flying freeholds in Costessey are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Costessey you would need to get your solicitor to go through the deeds very carefully. Your bank may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Costessey may ascertain 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.
Is it simple use the search app to get a quote from a conveyancing lawyer in Costessey on the approved list for my lender?
First pick a mortgage company such as HSBC Bank, Leeds Building Society or Clydesdale then type in your preferred area for example Costessey. Conveyancing practices in Costessey and beyond will then be listed.
I only have 68 years unexpired on my lease in Costessey. I now want to extend my lease but my landlord is missing. What are my options?
If you meet the appropriate requirements, under the Leasehold Reform, Housing and Urban Development Act 1993 you can submit an application to the County Court for an order to dispense with the service of the initial notice. This will mean that your lease can be lengthened by the magistrate. You will be obliged to demonstrate that you or your lawyers have done all that could be expected to find the lessor. In some cases a specialist would be useful to carry out a search and prepare an expert document which can be used as evidence that the freeholder is indeed missing. It is advisable to get professional help from a solicitor in relation to investigating the landlord’s absence and the vesting order request to the County Court overseeing Costessey.
I purchased a 1 bedroom flat in Costessey, conveyancing was carried out in 2005. How much will my lease extension cost? Comparable flats in Costessey with over 90 years remaining are worth £222,000. The ground rent is £50 yearly. The lease ends on 21st October 2095
You have 70 years unexpired we estimate the price of your lease extension to be between £9,500 and £11,000 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range above a general guide to costs for renewing a lease, but we cannot give you the actual costs without more detailed due diligence. You should not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be considered and you obviously should be as accurate as possible in your negotiations. Please do not take any other action based on this information without first seeking the advice of a professional.