I am in the throes of changing my current residential mortgage to a BTL Birmingham Midshires mortgage. I was told by my financial advisor that I require a lawyer as part of the process. I had a chat my former Grantham conveyancing solicitor who acted on my behalf when I first purchased the house. The fee estimate provided of £550 has shocked me as I am not require purchase conveyancing - it’s just a straightforward remortgage.
The quote is slightly on the expensive side. If you are willing to expend time contrasting costs you might trim some of the cost by as much as £100 plus VAT. That being said, assuming were pleased with the legal work the firm provided you maycome to regret opting for an an unknown conveyancer. If is important to check that the firm can act for Birmingham Midshires. You can make use of our search tool to choose a Grantham conveyancing firm on the Birmingham Midshires conveyancing panel, which can often include conveyancing solicitors in Grantham.
Is it realistic for conveyancing in Grantham to be finalised within 3 weeks?
In a situation where the seller is applying pressure for your conveyancing it is advisable to make sure that your conveyancer is familiar with the location as they will have local connections and insight. It is possible that they may have conducted previoushomes in the same street. Therefore consider using a Grantham conveyancing solicitor. Second, make sure that the lawyer is on the on the approved list for your mortgage company. It is estimated that just under twenty per cent of Grantham conveyancing deals are delayed or derailed after finding out that a purchaser’s conveyancer was not on their mortgage lender’s member panel. This can often result in the home move being frustrated by as much as 21 days. It is said that this issue affects approximately one hundred thousand home moves annually. Almost all Grantham conveyancing firms can not represent certain banks so do check as early as possible.
How does conveyancing in Grantham differ for newly converted properties?
Most buyers of new build property in Grantham approach us having been asked by the housebuilder to sign contracts and commit to the purchase even before the house is constructed. This is because developers in Grantham typically buy the site, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Grantham or who has acted in the same development.
Over the last few months I have been searching for a ground for flat up to £305k and identified one close by in Grantham I like with open areas and station nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in Grantham suitable, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you need a home loan that many years may be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the current proprietor has owned the premises for at least 2 years you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the current lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this.
What advice can you give us when it comes to finding a Grantham conveyancing firm to deal with our lease extension?
When appointing a solicitor for your lease extension (regardless if they are a Grantham conveyancing firm) it is essential that they be familiar with the legislation and specialises in this area of work. We suggest that you talk with several firms including non Grantham conveyancing practices prior to instructing a firm. Where the conveyancing practice is ALEP accredited then that’s a bonus. The following questions might be helpful:
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If the firm is not ALEP accredited then what is the reason? What are the costs for lease extension work?
I inherited a studio flat in Grantham, conveyancing having been completed half a dozen years ago. How much will my lease extension cost? Equivalent properties in Grantham with an extended lease are worth £175,000. The ground rent is £65 invoiced annually. The lease comes to an end on 21st October 2083
With 58 years remaining on your lease we estimate the price of your lease extension to be between £23,800 and £27,400 plus legals.
The suggested premium range above a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more detailed due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There are no doubt other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information before getting professional advice.
My mortgage broker has recommended their solicitor for my conveyancing in Grantham - Is it not simpler better to just instruct them?
It is worth checking if the estate agent is recommending a conveyancer or introducing to a property lawyer. There are plenty of Grantham selling agents who recommend two or three Grantham conveyancing firms purely based on those lawyers offering a great service.