A mortgage offer from NatWest for the remortgage of my single bedroom apartment is coming within the next few days. Can you propose a low cost conveyancing lawyer in Okehampton?
This site is not designed to aid those in pursuit of cut-price fees for conveyancing solicitors in Okehampton. We can offer you affordable conveyancing but we do not advertise as being the cheapest. Avoid the trap of appointing organisations enticing you with £99 conveyancing in Okehampton. In your best case scenario, in being led by cheap conveyancing, you will receive what you pay for and at worst you will end up with a surprising uplift in extras and still not receive the service expected.
I own a freehold property in Okehampton but still charged rent, why is this and what is this?
It is rare for properties in Okehampton and has limited impact for conveyancing in Okehampton 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 generation of fresh rentcharges post 1977.
Old 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.
We hope to to purchase with Coventry BS. We have called around locally yet am unable to find a Okehampton conveyancing firm on the Coventry BS approved list. Could you assist?
You should make use of the search tool on this web page. Pick the building society and type Okehampton or your preferred area and you will see a number of lawyer based in Okehampton or near you.
Do I select a Licenced Conveyancer or Solicitor for conveyancing in Okehampton?
There are many registered licenced Conveyancers in Okehampton and Solicitor firms in Okehampton offering conveyancing It is important to make clear that the two are regulated professionals specialising in the legal work in the home buying process. They may both also handle associated property related work such as remortgage conveyancing, enfranchisement and transfer of equity conveyancing.
We expect to receive a DIP from Nottingham this week so we can work out what to offer on a property we like as otherwise we are dependent on web based calculators (which aren't taking into account credit checks etc). Do Nottingham recommend any Okehampton solicitors on the Nottingham conveyancing panel, or is it better to go independently?
You will need to appoint Okehampton solicitors independently although you'll need to choose one on the Nottingham conveyancing panel. The solicitor represents both you and Nottingham through the process.
I'm in the process of viewing apartments in Okehampton and I am about to put in an offer. Is it too early to have a solicitor in place? I will be getting a home loan with Yorkshire BS.
It would be prudent to instigate your search sooner rather than later. After you have chosen your lawyer and once your offer is accepted you can instruct them to work for you and pass their contact information on to the selling agent. Given that you are seeking a mortgage with Yorkshire BS, ask your prospective lawyers if they are on the Yorkshire BS conveyancing panel otherwise they can't do the mortgage legal work.
I am looking for a leasehold apartment up to £245,000 and identified one close by in Okehampton I like with a park and transport links nearby, the downside is that it only has 49 remaining years left on the lease. There is not much else in Okehampton for this price, so just wondered if I would be making a grave error buying a short lease?
If you need a home loan that many years will likely be problematic. Reduce the price by the expected 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 can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing lawyer about this.
I am employed by a busy estate agency in Okehampton where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have been given conflicting advice from local Okehampton conveyancing firms. Could you clarify 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 start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser need not have to wait 2 years to extend their lease. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed before, or simultaneously with completion of the sale.
An alternative approach is 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 buyer.
Leasehold Conveyancing in Okehampton - A selection of Queries Prior to Purchasing
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Best to be warned whether changing the roof or some other significant cost is due in the foreseeable future to be shared amongst the leasehold owners and could well materially impact the level of the service charges or result in a specific payment. Are there any major works anticipated that will likely increase the maintenance fees? Where a Okehampton lease has fewer than 80 years it will affect the value of the property. Check with your mortgage company that they are happy with remaining years on the lease. Leases with less than 80 years remaining means that you will almost definitely need a lease extension sooner rather than later and it is worth finding out what this will be. Remember, in most cases you would be required to have been the owner of the property for 24 months in order to be entitled to exercise a lease extension.