I sincerely hope you can help me. My Stockwood solicitor is advising me that he has toconduct Stockwood conveyancing searches becausethe firm are on the Lloydsconveyancing panel. These Stockwood checks cost a lot of money can this be avoided?
You have limited options available to you. Given that you are taking out a loan with a lender your solicitor has to comply with their conditions as set out in their version of the CML Conveyancing Handbook. Your conveyancing practitioner would have previously signed the Terms and Conditions of your lender’s conveyancing panel appointment which obliges them to comply with the Council of Mortgage Lenders’ Handbook requirements . Even if you were a cash buyer you would be ill advised not to carry out Stockwood conveyancing searches.
Do conveyancers ask for money up-front for conveyancing in Stockwood?
If you are buying a property in Stockwood your lawyer will request that you put them with monies to cover the the cost of the conveyancing searches. Normally this is requested to cover the fees of the conveyancing searches. When the down payment is payable against the purchase price then this should be needed immediately before exchange of contracts. The closing balance that is due should be sent to your lawyer shortly before completion.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in last month in what should have been a straight forward, no chain conveyancing. Stockwood is the location of the property. Is there any advice you can impart?
Flying freeholds in Stockwood are rare but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Stockwood you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Stockwood may determine 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 premises.
I need to instruct a conveyancing solicitor for purchase conveyancing in Stockwood. I happened to land on a site which seems to have the ideal solution If it is possible to get all the legals done via web that would be preferable. Should I be concerned? What are the potential pitfalls?
As usual with these online conveyancers you need to read ALL the small print - did you notice the extra charge for dealing with the mortgage?
My wife and I purchased a leasehold house in Stockwood. Conveyancing and Bank of Ireland mortgage are in place. I have received a letter from someone saying they have taken over the reversionary interest in the property. Attached was a demand for arrears of ground rent dating back to 1992. The conveyancing practitioner in Stockwood who acted for me is not around. Any advice?
First contact HMLR to make sure that the individual purporting to own the freehold is in fact the new freeholder. You do not need to instruct a Stockwood conveyancing practitioner to do this as it can be done on-line for a few pound. Rest assured 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 purchased a leasehold flat in Stockwood, conveyancing was carried out in 2010. Can you give me give me an indication of the likely cost of a lease extension? Comparable flats in Stockwood with a long lease are worth £201,000. The average or mid-range amount of ground rent is £45 charged once a year. The lease runs out on 21st October 2089
With 65 years remaining on your lease the likely cost is going to be between £13,300 and £15,400 as well as costs.
The suggested premium range that we have given is a general guide to costs for extending a lease, but we cannot give you a more accurate figure without more detailed due diligence. Do not use the figures in tribunal or court proceedings. There may be other concerns that need to be considered and clearly you want to be as accurate as possible in your negotiations. You should not take any other action based on this information before getting professional advice.
Why do Stockwood conveyancing costs are more expensive for leasehold and freehold properties?
Leasehold conveyancing in Stockwood can involve additional due diligence including investigating the lease, liaising with the freeholder, obtaining up to date rent receipts, landlord’s consents, management company’s accounts etc.