I have just started taking steps with the intention of porting my current residential mortgage to a BTL Virgin Money mortgage. I have been informed by my broker that I need a solicitor as part of the process. I had a chat my previous Nailsea conveyancing solicitor who dealt with the legals when I first acquired the property. The pricing estimate sent of £550 is an eye-watering amount to do this as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The charges appear a bit high. Where you are content to expend time scrutinising quotes you could get the conveyancing a bit cheaper by say £100 plus VAT. That being said, assuming were content with the conveyancing the firm offered you couldcome to rue choosing an an untested conveyancer. Don't forget to enquire the firm can act for Virgin Money. Do use our search tool to choose a Nailsea conveyancing firm on the Virgin Money approved list of lawyers, which can often include conveyancing solicitors in Nailsea.
I own a freehold residence in Nailsea but still invoiced for rent, why is this and what is this?
It’s unusual for properties in Nailsea and has limited impact for conveyancing in Nailsea 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 fresh rentcharges post 1977.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be dispensed with completely.
I have a decision in principle. The lender mentioned the home loan came with free conveyancing. Is the implication that I have to use their panel solicitor as I would much rather appoint a Nailsea based conveyancing firm?
You should check but the the probability is that appoint one of their panel lawyers if you take up the "fee-free" offer. Call the mortgage company and check if they allow a monetary alternative. It is not unheard for a lender to give a £250 cashback as a further option in which case you could put that amount towards your preferred conveyancing solicitor near Nailsea.
What does a local search reveal about the property we're purchasing in Nailsea?
Nailsea conveyancing often commences with the ordering local authority searches directly from your local Authority or through a personal search organisations for instance Searches UK The local search plays an important part in most Nailsea conveyancing purchase; that is if you wish to avoid any unpleasant once you have moved into your property. The search will reveal information on, amongst other things, details on planning applications relevant to the property (whether granted or refused), building control history, any enforcement action, restrictions on permitted development, nearby road schemes, contaminated land and radon gas; in all a total of thirteen topic sections.
I'm buying my first flat in Nailsea with a loan from Barnsley Building Society. The sellers would not reduce the amount so I negotiated 6k of additionals instead. The house builders rep advised me not inform my solicitor about this extras as it could impact my mortgage with the lender. Should I keep quiet?.
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 own a leasehold flat in Nailsea. Conveyancing and Virgin Money mortgage organised. A letter has just been received from someone saying they have taken over the freehold. It included a demand for arrears of ground rent dating back to 1996. The conveyancing practitioner in Nailsea who acted for me is not around. Do I pay?
First make enquiries of HMLR to be sure that the individual purporting to own the freehold is indeed the registered owner of the freehold reversion. It is not necessary to incur the fees of a Nailsea conveyancing practitioner to do this as it can be done on-line for a few pound. You should note that regardless, even if this is the rightful landlord, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
I own a leasehold flat in Nailsea, conveyancing having been completed May 1998. How much will my lease extension cost? Equivalent flats in Nailsea with an extended lease are worth £191,000. The average or mid-range amount of ground rent is £55 charged once a year. The lease ceases on 21st October 2079
With only 54 years left to run we estimate the price of your lease extension to be between £31,400 and £36,200 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 comprehensive due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt other concerns 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.