Can you explain why leasehold purchase conveyancing in Exmouth costs more?
Exmouth leasehold properties involve far more paperwork than a freehold purchase, and therefore takes more time to examine and advise upon.Conveyancing will involve the lease having to be checked which is usually a lengthy document, queries raised to ensure that the covenants and conditions have been observed. If it is a flat there will be a management company in existence and the accounts of this will need to be checked and enquiries raised to ensure it is operating efficiently and that all monies due have been paid by the Seller to the company and if not ensuring that money is paid up to date or the appropriate undertakings obtained.
I have an AIP. The bank mentioned the mortgage came with free conveyancing. Is the implication that I have to appoint their panel solicitor as I would much rather use a specialised conveyancing solicitor in Exmouth?
You should check but the chances are that appoint one of their panel solicitors where you take up the "fee-free" incentive. Speak to the bank to check if they offer you a monetary alternative. Some lenders have previously offered a £250 cashback as an alternative in which case that money can go towards the cost for your conveyancing solicitor near Exmouth.
I'm buying a new build house in Exmouth benefiting from help to buy. The sellers refused to reduce the price so I negotiated £7000 of additionals instead. The property agent advised me not inform my solicitor about the side-deal as it could affect my loan with the lender. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the builder of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I've recently found out that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a simple, no chain conveyancing. Exmouth is where the house is located. What do you suggest?
Flying freeholds in Exmouth are not the norm but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Exmouth you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Exmouth may decide 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 premises.
If all goes to plan we aim to complete our sale of a £150,000 flat in Exmouth next week. The freeholder has quoted £396 for Landlord’s certificate, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge exorbitant fees for a flat conveyance in Exmouth?
Exmouth conveyancing on leasehold flats usually requires the buyer’s solicitor sending enquiries for the landlord to answer. Although the landlord is under no legal obligation to respond to such questions most will be willing to do so. They are entitled to charge a reasonable administration fee for responding to questions or supplying documentation. There is no set fee. The average costs for the paperwork that you are referring to is over three hundred pounds, in some situations it is in excess of £800. The management information fee levied by the landlord must be sent together with a synopsis of entitlements and obligations in relation to administration charges, otherwise the charge is not strictly payable. Reality however dictates that you have little choice but to pay whatever is demanded if you want to complete the sale of your home.
I own a leasehold flat in Exmouth, conveyancing having been completed in 2009. Can you shed any light on how much the price could be for a 90 year extension to my lease? Comparable flats in Exmouth with over 90 years remaining are worth £227,000. The ground rent is £50 yearly. The lease terminates on 21st October 2098
With only 72 years remaining on your lease 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 in the absence of detailed due diligence. Do not use this information in a Notice of Claim or as an informal offer. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. You should not move forward placing reliance on this information without first getting professional advice.
How and when do I pay stamp duty chargeable for my Exmouth house purchase?
Your conveyancer should complete a stamp duty return on your behalf as part of your Exmouth purchase transaction for signature. After completion your conveyancer will submit the Land Transaction Return Form to the Inland Revenue and - assuming they have the money - discharge any tax bill due on your behalf.