I'm in the process of swapping over from my existing standard loan to a BTL Godiva Mortgages Ltd mortgage. I was told by my mortgage that I require a lawyer for this. I spoke to the same Cumbria conveyancing practitioner who dealt with the legals when I first acquired the premises. The quote supplied of £470 is an eye-watering amount to do this as its a refinance than a sale or purchase.
The quote is fractionally on the expensive side. Where you are happy to expend time scrutinising quotes you may be able to trim some of the cost by perhaps a hundred pounds. That being said, assuming were happy with the conveyancing the firm provided you maylive to regret choosing an an untested solicitor. Remember to enquire the firm can represent Godiva Mortgages Ltd. Do use our search tool to choose a Cumbria conveyancing firm on the Godiva Mortgages Ltd member panel, which can often include conveyancing solicitors in Cumbria.
Can you explain why leasehold purchase conveyancing in Cumbria is more expensive?
Cumbria leasehold conveyancing transactions usually involve additional investigations than freeholds including investigating the Lease, liaising with the Landlord such as serving relevant notices on the Landlord or managing agent, obtaining up-to-date service charge and management information, obtaining Landlord’s consents and reviewing management accounts and formation documents.
Do I have to attend the offices of the solicitor to sign the legal charge? If so, I will instruct a firm who offer conveyancing in Cumbria so that I can pop in to their offices when needed.
Whereas this was necessary twenty years ago, the vast majority banks no longer oblige their conveyancing panel solicitor to witness the mortgagors signature. You will still be obliged to provide ID documents and there are still distinct advantages to instructing a locally based ayer, in your situation a conveyancing solicitor in Cumbria.
Me and my brother purchased a semi-detached Georgian house in Cumbria. Conveyancing lawyer acted for me and Lloyds TSB Bank. I happened to do a free search for it on the Land Registry database and I saw a couple of entries: the first freehold, the second leasehold under the matching address. I'd like to know for sure, how can I find out??
You should assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered owner of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Cumbria and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with lenders. You can also enquire as to the position with the conveyancing solicitor who completed the work.
When it comes to leasehold conveyancing in Cumbria what are the most frequent lease defects?
There is nothing unique about leasehold conveyancing in Cumbria. All leases are individual and drafting errors can result in certain sections are not included. For example, if your lease is missing any of the following, it could be defective:
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A duty to insure the building Clauses dealing with recovering service charges for expenditure on the building or common parts.
A defective lease will likely cause issues when trying to sell a property primarily because it impacts on the ability to obtain a mortgage on the property. Birmingham Midshires, Norwich and Peterborough Building Society, and Platform Home Loans Ltd all have very detailed conveyancing instructions when it comes to what is expected in a lease. Where a lender has been advised by their lawyers that the lease is defective they may refuse to grant the mortgage, obliging the purchaser to pull out.
I bought a leasehold flat in Cumbria, conveyancing having been completed in 2012. Can you give me give me an indication of the likely cost of a lease extension? Comparable properties in Cumbria with over 90 years remaining are worth £191,000. The average or mid-range amount of ground rent is £55 invoiced every year. The lease ceases on 21st October 2078
With just 53 years remaining on your lease we estimate the price of your lease extension to be between £27,600 and £31,800 as well as legals.
The figure that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action placing reliance on this information before getting professional advice.
Are the Cumbria conveyancing lawyers identified as being on the lender conveyancing panel, together with their details provided by the mortgage company?
Cumbria firms and firms carrying out conveyancing in Cumbria themselves provide us confirmation that they are on the bank conveyancing panel as opposed to being supplied with a list from the mortgage company directly.