My partner’s brother is a conveyancer. I suspect that I'll be able to get preferential pricing for conveyancing, but if not, what kind of figure should I be paying for conveyancing in East Cowes?
You should contrast pricing. Make use of our search tool on this page. Whilst amounts seem to vary but the service one can expect are distinct between property lawyers as is true with the vast majority of professional services.
This question may be naive but I am new to the house moving as FTB of a two bedroom flat in East Cowes. Do I pick up the keys to the premises on completion from my conveyancer? If so, I will appoint a local conveyancing solicitor in East Cowes?
On the day of completion you do not need to attend the conveyancers office in East Cowes. Your solicitors will transfer the completion advance to the owner’s solicitors, and shortly after the monies have arrived, you will be invited to receive the keys from the selling Agents and move into your new home. This tends to happen between 1 and 3pm.
We previously selected conveyancers locally in East Cowes on the UBS solicitor approved list. They have just billed me a further sum for dealing with the UBS mortgage. Is this an additional conveyancing fee set by UBS?
Unfortunately, as long as it is in their Terms and Conditions or Quote then yes your conveyancing practitioner can charge a fee for this. The fee is not set by UBS but by your East Cowes lawyer. Plenty of firms on the UBS panel will levy ’dealing with mortgage’ fee and others do not.
I have instructed a East Cowes property lawyer having checked that they are on the Aldermore conveyancing panel. Does my lawyer arrange the survey of the property?
Aldermore will need an independent valuation of the property. Your lawyer will not arrange this. Usually Aldermore will appoint their own surveyor to do this, and you will have to pay for it. Remember that this is a valuation for mortgage purposes and not a survey. Your solicitor will not organise the survey but they may be able to put you in touch with a local one that they recommend. RICS offers a find a surveyor service (just google it) where you can search for a qualified surveyor by your East Cowes postcode. As you are getting a mortgage with Aldermore, you could contact them to see if they have a list of approved surveyors in East Cowes.
I have been on the look out for a leasehold apartment up to £195,000 and found one round the corner in East Cowes I like with open areas and transport links nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in East Cowes suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term may be problematic. Discount the offer by the anticipated lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for a minimum of twenty four months you could ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this.
I was pointed in your direction by numerous selling agents in East Cowes to choose a solicitor using your seach tool. Is there a financial advantage for Estate Agents to promote your site over another?
We refuse to give any commission for directing people in our direction. We found it would be just too difficult to pay a commission because a client could think, ‘Why is the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I work for a reputable estate agency in East Cowes where we see a number of flat sales derailed due to short leases. I have been given inconsistent advice from local East Cowes conveyancing firms. Please can you confirm whether the seller of a flat can commence the lease extension formalities for the purchaser on completion of the sale?
As long as the seller has owned the lease for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or at the same time as completion of the sale.
Alternatively, it may be possible to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the buyer.
I acquired a 1st floor flat in East Cowes, conveyancing formalities finalised half a dozen years ago. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in East Cowes with an extended lease are worth £185,000. The average or mid-range amount of ground rent is £65 yearly. The lease ends on 21st October 2086
With 60 years remaining on your lease we estimate the premium for your lease extension to span between £20,000 and £23,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more comprehensive investigations. Do not use this information in tribunal or court proceedings. There may be other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.
We are in the process of purchasing a apartment in East Cowes. Conveyancing is not yet done but we would like have the amount we are are purchasing for confidential from sites such as Rightmove. How could this be achieved ?
The Land Registry by statute are required to disclose price paid information on the official title for residential properties nationwide including properties in East Cowes. The Title Register is a public document, so HMLR would be breaking the law excluded certain homes such as your property in East Cowes.
In essence you can ask the Land Registry to hide the amount paid data however the response will be in the negative.