I'm in the process of changing my existing standard loan to a Buy to Let Nationwide Building Society mortgage. I was told by my financial advisor that I need a conveyancer for this. I spoke to the same Epsom conveyancing firm who acted on my behalf when I first bought the premises. The costs estimate supplied of £450 plus VAT has surprised me as its a refinance than a sale or purchase.
The estimate fees seem a little high. If you shop around you might trim some of the cost by as much as £125. That being said, providing that you were happy with the legal work the firm offered you mightlive to rue choosing an a cheaper conveyancer. If is important to enquire that the solicitor can also act for Nationwide Building Society. You can employ our search tool to get a quote a Epsom conveyancing firm on the Nationwide Building Society conveyancing panel, which can often include conveyancing solicitors in Epsom.
We have very assertive vendors who has suggested a lock out contract with a deposit 6,000. Are such agreements sensible?
Lock out agreements are agreements between a property seller and purchaser granting the buyer a ‘clear field’ to purchase the premises for a limited period of time. Essentially, an exclusivity is a document stating that you should have a contract at a later time being the contract for the actual sale. It tends to be utilised for buyer confidence though in many situations, the proprietor may stand to benefit from such agreements as well. There are various positives and negatives to having an agreement but you should to check with your solicitor but beware that it may result in incurring more in conveyancing charges. For these reasons these contracts are avoided in relation to conveyancing in Epsom.
I am buying a new build flat in Epsom. Conveyancing is daunting at the best of times but I have never purchased a new build flat before. Can you give me some examples of some of the questions asked in new build conveyancing.
Set out below are examples of a few leasehold new build questions that you should expect your new-build leasehold conveyancing in Epsom
-
Please supply a car parking plan. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Please confirm the Lease plans are surveyor prepared. Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company?
I was advised by numerous estate agents in Epsom to choose a solicitor on your site. Is there a financial inducement for Estate Agents to market your services rather than a competitor’s?
We don’t make any commission for directing people to this site. We thought it would be too underhand to pay a commission as a client could think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ So we decided to step away from that.
I am on look out for some leasehold conveyancing in Epsom. Before I get started I require certainty as to the unexpired term of the lease.
Assuming the lease is registered - and most are in Epsom - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title. For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I inherited a second floor flat in Epsom. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the premium payable for the purchase of the freehold?
Most definitely. We are happy to put you in touch with a Epsom conveyancing firm who can help.
An example of a Lease Extension case for a Epsom property is 33 The Maisonettes Alberta Avenue in June 2014. the Tribunal decided that the premium payable for the grant of a new lease be the sum of £20,680 (Twenty Thousand six hundred and eighty pounds). This case related to 1 flat. The remaining number of years on the lease was 60.43 years.
My son is embarking on her first house purchase, he had his mortgage in principle. One the offer was accepted on flat we telephoned the bank to move forward with his. I was shocked to learn that banks do not accept all property lawyer, they need to be on their approved list, is this correct?
Lenders tend to imposes restrictions either the type or the number of conveyancing solicitors on their approved list of lawyers. Typical examples of such restriction(s) being that a firm must have two or more partners. In addition to restricting the type of firm, some have decided to limit the number of firms they use to represent them. You should note that lenders have no responsibility for the quality of advice provided by any Epsom conveyancing practitioner on their panel. Mortgage fraud was a key driver in the rationalisation of conveyancing panels a few years ago and whilst there are differing views about the extent of solicitor involvement in some of that fraud. Statistics from the Land Registry reveal that thousands of law firms only carry out one or two conveyances a year. Those supporting conveyancing panel cuts ask why law firms should have the right to be on a Lender panel when clearly, conveyancing is not their speciality. To put it another way; would you want a conveyancing solicitor to represent you if you were charged with a crime? Unlikely.