I was recommended to a solicitor who has given a fee estimate £1400 for leasehold conveyancing in Sheffield. I’m hoping to downsize from a Georgian property for £175,000. Is this expensive? Is it in excess of what I should be paying for conveyancing in Sheffield?
The estimate does seem a tad overpriced. If you shop around you may be able to decrease the fees slightly by as much as £125. On the other hand, you maylive to rue opting for an a cheaper lawyer. If is important to check that the solicitor can represent your lender. Do employ our comparison tool to get a quote a Sheffield conveyancing practice on the banks approved list of lawyers which can often include conveyancing solicitors in Sheffield.
Is there a reason why leasehold purchase conveyancing in Sheffield is more expensive?
The conveyancing fees for a leasehold premises in Sheffield is frequently higher when contrasted to a freehold property. This is because there is an amount of extra investigations necessary in dealing with the landlord and management company to obtain information concerning whether the rent and maintenance charges have been paid and whether there are any significant expenditure in the foreseeable future on repairs or maintenance of the block.
I have a semi-detached Edwardian property in Sheffield. Conveyancing solicitor acted for me and Yorkshire Building Society. I did a free Land Registry search last week and there are a couple of entries: the first freehold, another for leasehold with the exact same address. I thought I was buying a freehold how can I check?
You need to assess the Freehold register you have again and check the Charges Register for mention of a lease. The best way to be sure that you are also the registered proprietor of the leasehold and freehold title as well is to check (£3). It is not completely unheard of in Sheffield and other locations in the country and poses no real issues for owners other than when they buy they have to account for both freehold and leasehold interests when dealing with buyers. You can also check the situation with the conveyancing lawyer who conducted the purchase.
Taking into account that I will soon spend hundreds of thousands of pounds on 3 bedroom house in Sheffield I would like to talk to a solicitor about myhouse move prior to giving the go ahead to the firm. Can this be arranged?
We could not agree more - it is our preference to talk to you we do not take any clients on without you speaking to the solicitor who will be doing your conveyancing in Sheffield.There is no ‘factory style conveyancing’ - each client is unique individual, not a matter reference. The law firms that we put you in touch with believe that the figure you are quoted for residential conveyancing in Sheffield should be the figure that you end up paying.
I am tempted by the attractive purchase price for a two flats in Sheffield both have about 50 years unexpired on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Sheffield is a deteriorating asset as a result of the reducing lease term. The closer the lease gets to its expiry date, the more it reduces the value of the property. For most buyers and banks, leases with less than eighty years become less and less marketable. 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 property 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 premises 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 Sheffield 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.
Leasehold Conveyancing in Sheffield - A selection of Questions you should consider before Purchasing
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Does the lease include onerous restrictions? How many years are left on the lease? How much is the yearly maintenance fee and ground rent?
Our solicitor in Sheffield has uncovered a a problem with the lease for the property we are buying in Sheffield. The seller’s lawyers have offered defective title insurance as a solution. We are content with insurance and will cover the costs. Our lawyer has advised that as he is on the bank conveyancing panel he must ensure that the lender is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the potential for a conflict of interest, you and the mortgage company are the client. A precondition to being on the bank approved panel is to comply with the UK Finance Lenders’ Handbook requirements. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects will the lease so that the mortgage company can be afforded the opportunity to check with their valuer as to the extent that the value of the property is affected . Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for you.