My family lawyer has quoted £995 for leasehold conveyancing in Llandeilo. I’m looking to sell a purpose built house for £200,000. Are these estimated fees excessive? Is it above the average fee for conveyancing in Llandeilo?
The quote is fractionally on the steep side. If you shop around you might shave off some of the expense by as much as £100 plus VAT. On the other hand, you maylive to rue opting for an an untested solicitor. If is important to ensure the solicitor can act for your lender. You can make use of our comparison tool to find a Llandeilo conveyancing practice on the banks member panel which can often include conveyancing solicitors in Llandeilo.
I purchased a freehold house in Llandeilo but still invoiced for rent, why is this and what is this?
It is rare for properties in Llandeilo and has limited impact for conveyancing in Llandeilo 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 many centuries, but the Rent Charge Act 1977 barred the creation of new rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 is to be dispensed with completely.
My wife and I are buying a house in Llandeilo. It might be a silly question but how we can trust a conveyancer? On completion day we have to send our life savings into their account. What protection do we have from them run away with our deposit?
Be assured that all money in a Solicitors client account is 100% safe, and even if your Solicitor ran off with it, the Law Society would reimburse you fully.
The mortgage over my property is with Nationwide for my property in Llandeilo. Conveyancing was finalised some time ago. In the event that I decide to rent out the flat and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform Nationwide?
Nationwide must be informed of your intention in advance of renting your property as this is likely to be a breach of Nationwide’s mortgage conditions. It may be that Nationwide will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact Nationwide directly. It should not be necessary to do this via a Nationwide conveyancing panel firm.
It is not clear whether my bank requires a lease extension. I have called my Llandeilo building society branch on numerous occasions and was reassured it wasn't an issue and they would lend. My Llandeilo conveyancing solicitor - who is on the lender conveyancing panel- telephoned and was told they will not lend in accordance with their specific requirements. I simply don't know who is right.
Your solicitor has to comply with the CML Handbook Part 2 specifications for your 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 mortgage company to contact your lawyer in writing confirming that they will accept the number of years remaining.
Due to the guidance of my in-laws I had a survey completed on a property in Llandeilo before retaining lawyers. I have been informed that there is a flying freehold aspect to the property. Our surveyor has said that some banks will not give a loan on such a home.
It depends who your proposed lender is. Bank of Scotland has different requirements from Birmingham Midshires. Should you wish to call us we can check via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are used to dealing with flying freeholds in Llandeilo. Conveyancing can be more complicated and therefore you should check with your conveyancing solicitor in Llandeilo to see if the conveyancing will be more expensive.
Having had my offer accepted I require leasehold conveyancing in Llandeilo. Before I set the wheels in motion I want to be sure as to the number of years remaining on the lease.
If the lease is registered - and almost all are in Llandeilo - then the leasehold title will always include the basic details 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 purchased a garden flat in Llandeilo, conveyancing was carried out 3 years ago. Can you give me give me an indication of the likely cost of a lease extension? Equivalent properties in Llandeilo with an extended lease are worth £197,000. The average or mid-range amount of ground rent is £55 invoiced annually. The lease comes to an end on 21st October 2080
With only 55 years remaining on your lease we estimate the premium for your lease extension to range between £31,400 and £36,200 as well as professional fees.
The suggested premium range that we have given is a general guide to costs for renewing a lease, but we cannot give you the actual costs in the absence of comprehensive investigations. Do not use this information in tribunal or court proceedings. There are no doubt other issues that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Neither should you move forward based on this information before seeking the advice of a professional.
The loan offer from a lender for the refinancing of my 4 bedroom flat is due any day now. Could you recommend a low cost remortgage conveyancing law firm in Llandeilo ?
You have come to the wrong place to search for a cheap conveyancing solicitors in Llandeilo. Our aim is to provide value for money conveyancing but our intention is not to advertise as being the cheapest. Do not be fooled by companies offering low cost conveyancing in Llandeilo.In your best case scenario, in opting for cheap conveyancing, you will end up with what you pay for and at worst you will end up invoiced for extras and still not get the service you were hoping for.