My fiance’s brother is a solicitor. I anticipate that I can be offered friends and family pricing for conveyancing, However if that does not come materialise, what kind of costs should I be expecting for conveyancing in Tavistock?
Do compare pricing. Make use of our comparison tool on this page. Whilst quotes may vary but service levels do are distinct between property lawyers as is true with the vast majority of professional services.
My solicitor has discovered a defect with the lease for the flat we are purchasing in Tavistock. The seller’s lawyers have suggested defective title insurance as a workaround. We are happy with insurance and will pay for it. Our conveyancing practitioner says that he must ensure that the bank is happy with this solution. Are we the client or is the bank?
The short answer to your last question is that, notwithstanding the risk of a conflict of interest, you and the bank are the client. Your property lawyer must comply with the UK Finance Lenders’ Handbook provisions. The UK Finance Lenders’ Handbook conditions require your lawyer to disclose issues such as defects with the lease so that the bank 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.
Finally the sale completed on my house in Tavistock last January yet the purchaser is whats apping every few hours complaining that their lawyer needs to hear from myconveyancer. What should my lawyer have done following completion?
Post completion of your house sale your lawyer should send the transfer deeds and all additional paperwork to the purchaser's conveyancer. Depending on the transaction, your conveyancer should also send confirmation that the legal charge in favour of the lender has been repaid to the buyers solicitors. There are no post completion formalities just for conveyancing in Tavistock.
I have been on the look out for a ground for flat up to £235,500 and identified one round the corner in Tavistock I like with a park and transport links in the vicinity, the downside is that it's only got 61 years unexpired on the lease. I can't really find anything else in Tavistock for this price, so just wondered if I would be making a grave error acquiring a short lease?
Should you require a home loan the remaining unexpired lease term will likely be problematic. Reduce the price by the anticipated lease extension will cost if not already taken into account. If the current proprietor has owned the property for a minimum of twenty four months you could request that they start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor about this matter.
I work for a long established estate agency in Tavistock where we have experienced a number of leasehold sales jeopardised due to leases having less than 80 years remaining. I have received conflicting advice from local Tavistock conveyancing solicitors. Can you confirm whether the seller of a flat can start the lease extension process for the buyer?
As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the proposed purchaser can avoid having to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment has to be done prior to, or simultaneously with completion of the disposal of the property.
An alternative approach is to agree the lease extension with the freeholder 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 purchaser.
I bought a garden flat in Tavistock, conveyancing was carried out August 1997. Can you please calculate a probable premium for a statutory lease extension? Comparable properties in Tavistock with a long lease are worth £227,000. The ground rent is £50 invoiced every year. The lease terminates on 21st October 2096
You have 71 years left to run we estimate the price of your lease extension to span between £9,500 and £11,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to provide the actual costs without more detailed due diligence. You should not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be taken into account and clearly you want to be as accurate as possible in your negotiations. Please do not move forward based on this information without first seeking the advice of a professional.
Me and my wife are about to exchange buying a house in Tavistock but as a result of damage from the recent storms I have negotiated reparation from the vendor of £2k taking the form of a reduction in the price. This was going to be dealt with as part of the conveyancing process yet the lender will not permit this. Should they have been informed?
Your solicitor listed on the lender approved list is obliged to disclose to the lender of any amendments to the sale amount. In the event that you prohibit your conveyancer to disclose the reduction to your lender then they would have to disinstructing themselves from representing you and the mortgage company.