The lawyer who assisted with my previous purchase has quoted £1200 for leasehold conveyancing in Falmouth. I am hoping to sell a Edwardian house for £150,000. This sounds expensive. Is it in excess of what I should be paying for conveyancing in Falmouth?
The estimate does seem a tad steep. Where you are happy to invest time contrasting fee on a like for like basis you could get the conveyancing a bit cheaper by as much as £100 plus VAT. That being said, you maycome to rue choosing an an untested solicitor. Don't forget to be sure the firm can act for your lender. You can make use of our comparison tool to find a Falmouth conveyancing firm on the banks approved list of lawyers which can often include conveyancing solicitors in Falmouth.
I purchased a freehold property in Falmouth but nevertheless charged rent, why is this and what is this?
It is rare for properties in Falmouth and has limited impact for conveyancing in Falmouth but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the establishment of new rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence post 2037 will be dispensed with completely.
Do I find a Licenced Conveyancer or Solicitor for conveyancing in Falmouth?
There are many recorded licenced Conveyancers in Falmouth and Solicitor practices in Falmouth to choose from It is important to make clear that both are regulated professionals specialising in the legal aspects of transferring property. They may both also deal with associated property related work such as remortgage conveyancing, lease extensions and transfer of equity conveyancing.
is it true that all Falmouth solicitor practices on the Yorkshire BS conveyancing panel are regulated by the Solicitors Regulatory Authority?
As a firm of solicitors, in order to be on the Yorkshire BS conveyancing panel they would need to be overseen by the Solicitors Regulatory Authority. Many lenders do permit licenced conveyancers on their panel in which case such practice would be regulated by the CLC.
It is unclear whether my lender obliges me to make sure the lease term for the flat is extended prior to the completion date. I have telephoned my Falmouth bank branch on numerous occasions and was told they are content with the situation and they will lend. My Falmouth conveyancing solicitor - who is on the lender conveyancing panel- called to say that they will not lend based on their UK Finance Lenders’ Handbook minimum lease term requirements. I simply don't know who is right.
As long as the conveyancing practitioner is on the bank approved list, she or he must comply with the Council of Mortgage Lenders’ Handbook specifications for the lender. Unless your lawyer obtains specific confirmation in writing that the lender will go ahead, your lawyer has no choice but to refrain from exchanging contract and committing you to the purchase. We would suggest that you ask the bank to contact your lawyer in writing confirming that they will accept the number of years left on the lease.
I am looking for a ground for flat up to £235,500 and identified one near me in Falmouth I like with open areas and transport links nearby, the downside is that it's only got 61 remaining years left on the lease. There is not much else in Falmouth for this price, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the shortness of the lease will likely be a potential deal breaker. Reduce the price by the amount the 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 may ask them to start the process of the extension and pass it to you. You can add 90 years to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor concerning this matter.
My husband and I are novice buyers - agreed a price, yet the agent has warned us that the vendor will only proceed if we appoint the agent's preferred conveyancers as they want an ‘expedited deal’. We would rather use a high street conveyancer accustomed to conveyancing in Falmouth
It is unlikely the owners are behind this. Should the vendor want ‘a quick sale', alienating a genuine buyer is likely to cause more damage than good. Bypass the agents and go straight to the sellers and make the point that (a)you are keen to buy (b)you are ready to go, with finances in place © you are chain free (d) you wish to move quickly (e)but you are going to use your own,trusted Falmouth conveyancing lawyers - rather thanthose that will give their negotiator at the agency a commission or hit his conveyancing figures demanded by senior management.
I am a negotiator for a reputable estate agent office in Falmouth where we have witnessed a number of leasehold sales jeopardised as a result of leases having less than 80 years remaining. I have been given inconsistent advice from local Falmouth conveyancing solicitors. Could 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 commence the lease extension process and assign the benefit of the notice to the purchaser. The benefit of this is that the proposed purchaser can avoid having to sit tight for 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or at the same time as completion of the sale.
Alternatively, it may be possible to extend the lease informally by agreement with the landlord 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 purchaser.
I bought a leasehold flat in Falmouth, conveyancing was carried out in 2000. Can you shed any light on how much the price could be for a 90 year extension to my lease? Similar flats in Falmouth with an extended lease are worth £206,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease expires on 21st October 2091
With 66 years left to run we estimate the premium for your lease extension to range between £11,400 and £13,200 as well as professional fees.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to supply the actual costs in the absence of detailed due diligence. You should not use the figures in tribunal or court proceedings. There may be additional issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Please do not move forward placing reliance on this information without first seeking the advice of a professional.