Our family lawyer has quoted £1350 for fixed fee conveyancing in Montacute. I’m hoping to downsize from a Victorian house for £250,000. This seems too much. Is it above the average fee for conveyancing in Montacute?
The charges are a little high. If you shop around you could get the conveyancing a bit cheaper by perhaps a hundred pounds. On the other hand, you couldcome to rue choosing an an untested lawyer. Remember to be sure that the solicitor can act for your lender. You can utilise our comparison tool to find a Montacute conveyancing company on the banks member panel which can often include conveyancing solicitors in Montacute.
As a novice what is the most important number one tip you can impart regarding purchase conveyancing in Montacute?
You may not hear this from too many lawyers but conveyancing in Montacute and elsewhere in Somerset is often a confrontational process. Put another way, when it comes to conveyancing there exists lots of room for conflict between you and others involved in the transaction. E.g., the seller, property agent and even potentially your lender. Choosing a lawyer for your conveyancing in Montacute should not be taken lightly as your conveyancer is your adviser, and is the SOLE party in the legal process whose responsibility is to act in your legal interests and to keep you safe.
Every so often a third party with a vested interest may try and sway you that it is in your interests to do things their way. For instance, the property agent may claim to be helping by suggesting your solicitor is dragging his heels. Or your mortgage broker may try to convince you to do take action that is contrary to your conveyancers advice. You should always trust your lawyer above all other parties when it comes to the legal transfer of property.
Should commercial conveyancing searches reveal planned roadworks that may impact a commercial premises in Montacute?
Many commercial conveyancing solicitors in Montacute will execute a SiteSolutions Highways report as it reduces the time that conveyancers expend in researching accurate data on highways that impact buildings and development assets in Montacute. The search result sets out definitive information on the adoption status of roads, footpaths and verges, as well as the implication of traffic schemes and the rights of way surrounding a commercial development sites in Montacute.
For every commercial conveyancing transaction in Montacute it is crucial to investigate the adoption status of roads surrounding a site. Failure to identify developments where adoption procedures have not been dealt with adequately may result in delays to Montacute commercial conveyancing deals as well as pose a risk to future intentions for the site. These searches are not ordered for domestic conveyancing in Montacute.
Are there restrictive covenants that are commonly identified as part of conveyancing in Montacute?
Restrictive covenants can be picked up when reviewing land registry title as part of the legal transfer of property in Montacute. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
I've recently found out that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a straight forward, chain free conveyancing. Montacute is where the house is located. Is there any advice you can give?
Flying freeholds in Montacute are unusual but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Montacute you must be sure that your lawyer goes through the deeds very carefully. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Montacute may ascertain 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 residence.
I am looking at a two flats in Montacute which have approximately forty five years remaining on the leases. Should I regard a short lease as a deal breaker?
There are no two ways about it. A leasehold flat in Montacute is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it adversely affects the marketability of the premises. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Montacute conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I acquired a basement flat in Montacute, conveyancing having been completed 10 years ago. Can you let me have an estimated range of the fair premium for a lease extension? Corresponding properties in Montacute with over 90 years remaining are worth £255,000. The average or mid-range amount of ground rent is £45 levied per year. The lease runs out on 21st October 2098
With only 73 years remaining on your lease the likely cost is going to range between £8,600 and £9,800 plus plus your own and the landlord's "reasonable" professional fees.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you the actual costs in the absence of detailed due diligence. You should not use this information in tribunal or court proceedings. There may be additional concerns 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 based on this information before getting professional advice.