Our family solicitor has given a fee calculation of £1400 for fixed fee conveyancing in Thornaby. I’m looking to sell a newly refurbished house for £200,000. Are the quoted fees excessive? Is it above what I should be paying for conveyancing in Thornaby?
The costs illustration is fractionally on the steep side. If you shop around you may be able to get the conveyancing a bit cheaper by as much as £125. On the other hand, you maycome to rue opting for an a cheaper lawyer. Remember to ensure that the firm can act for your bank. You can employ our search tool to select a Thornaby conveyancing firm on the lender’s conveyancing panel which can often include conveyancing solicitors in Thornaby.
I am buying a new build house in Thornaby benefiting from help to buy. The builders would not reduce the price so I negotiated five thousand pounds worth of extras instead. The estate agent told me not reveal to my conveyancer about this side-deal as it may jeopardize my loan with the bank. 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.
Due to the input of my in-laws I had a survey completed on a house in Thornaby ahead of appointing lawyers. I have been told that there is a flying freehold overhang to the property. The surveyor has said that some lenders tend refuse to give a mortgage on such a premises.
It varies from the lender to lender. Lloyds has different instructions from Nationwide. If you call us we can look into this further via the appropriate lender. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Thornaby. Conveyancing may be slightly more expensive based on your lender's requirements.
How can the Landlord & Tenant Act 1954 affect my business offices in Thornaby and how can you help?
The particular law that you refer to provides protection to business tenants, giving them the a statutory right to make a request to court for a new lease and continue in occupation at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing solicitors who use the act to your advantage and help with commercial conveyancing in Thornaby
I am looking at a couple of flats in Thornaby which have about fifty years left on the leases. Will this present a problem?
There is no doubt about it. A leasehold flat in Thornaby is a deteriorating asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. For most purchasers and mortgage companies, leases with under eighty years become less and less attractive. On a more positive 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 Thornaby conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending 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 Thornaby - Examples of Questions you should consider before buying
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Is there a share of the freehold? It would be prudent to find out as much as possible about the managing agents as they will either make your living at the property much easier or a lot more difficult. As the proprietor of a leasehold property you will be at the mercy of the managing agents from a financial perspective and when it comes to every day issues such as the upkeep of the common parts. Ask prospective neighbours what they think of them. In conclusion, investigate as to the dates that you are obliged pay the service charge to the managing agents and precisely what it includes. The best form of lease arrangement is a share of the freehold. In this situation the leaseholders have being in charge if their destiny and notwithstanding that a managing agent is frequently retained if the building is bigger than a house conversion, the managing agent acts for the leaseholders themselves.
How and when do I incur the Stamp Duty Land Tax payable for my Thornaby house purchase?
Your lawyer will complete a stamp duty return on your behalf as part of your Thornaby conveyancing transaction for you to sign. After completion your solicitor will submit your Land Transaction Return Form to the Inland Revenue and - assuming they have the funds - pay any tax bill payable on your behalf.