Why do I have to pay up front for my conveyancing in Cotham?
Where you are retaining lawyers for conveyancing in Cotham your solicitor will ask you put them with funds to cover the search fees. Normally this is called for to cover the fees of the Local Authority Search. When the down payment is as part of the purchase price then this will be asked for shortly in advance of exchange of contracts. The final balance that is needed should be sent to your lawyer shortly before completion.
I am considering refinancing my home in Cotham, does my lawyer have to be on the Skipton Conveyancing panel?
In theory, you could use a solicitor that is not on the Skipton conveyancing panel, but Skipton would require one of their panel solicitors to be instructed to act in their interests, and you'd have to pay for this - so most people instruct a panel solicitor. It's also easier, as otherwise you'd have to deal with two solicitors for the same conveyancing matter.
Various internet forums that I have come across warn that are the number one cause of delay in Cotham house deals. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) released determinations of research by MoveWithUs that conveyancing searches do not feature amongst the top 10 causes of hindrances during the legal transfer of property. Local searches are unlikely to feature in any holding up conveyancing in Cotham.
I have been on the look out for a flat up to £245,000 and found one round the corner in Cotham I like with amenity areas and transport links in the vicinity, however it's only got 49 years on the lease. I can't really find anything else in Cotham in this price bracket, so just wondered if I would be making a grave error acquiring a short lease?
Should you need a home loan the remaining unexpired lease term will likely be a potential deal breaker. Discount the price by the anticipated lease extension will cost if not already taken into account. If the existing owner has owned the property for a minimum of twenty four months you could request that they start the process of the extension and then assign it to you. An additional ninety years can be extended on to the existing lease with a zero ground rent applied. You should speak to your conveyancing lawyer regarding this matter.
My husband and I are FTB’s - had an offer accepted, yet the selling agent has warned us that the seller will only proceed if we appoint their chosen lawyers as they are insisting on a ‘quick sale’. My instinct tells me that we should use a local conveyancer who is familiar with conveyancing in Cotham
We suspect that the seller is not behind this ultimatum. If they want ‘a quick sale', taking such a hostile approach to a serious purchaser is likely to cause more damage than good. Contact the vendors directly and make the point that (a)you are genuine buyers (b)you are excited to move forward, with finances in place © you do not need to sell (d) you wish to move quickly (e)however you will continue to use your preferred Cotham conveyancing lawyers - rather thanthose that will give their estate agent a referral fee or achieve conveyancing thresholds set by corporate headquarters.
I am hoping to put an offer on a small detached house that seems to tick a lot of boxes, at a reasonable figure which is making it all the more appealing. I have since found out that the title is leasehold as opposed to freehold. I am assuming that there are issues buying a leasehold house in Cotham. Conveyancing advisers have not yet been appointed. Will they explain the issues?
Most houses in Cotham 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 purchasing in Cotham so you should seriously consider shopping around for a Cotham conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a tenant you will not be entirely free to do whatever you want with the house. The lease will likely included provisions such as requiring the landlord’sconsent to conduct alterations. It may be necessary to pay a maintenance charge towards the upkeep of the communal areas where the property is located on an estate. Your conveyancer should advise you fully on all the issues.
I am the registered owner of a basement flat in Cotham, conveyancing having been completed 3 years ago. Can you please calculate a probable premium for a statutory lease extension? Equivalent properties in Cotham with a long lease are worth £206,000. The ground rent is £45 invoiced annually. The lease finishes on 21st October 2092
With just 67 years left to run we estimate the premium for your lease extension to range between £10,500 and £12,000 plus professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use this information in a Notice of Claim or as an informal offer. There may be other concerns that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information without first seeking the advice of a professional.