I have just started taking steps with the intention of transferring my domestic home loan to a BTL Yorkshire Building Society mortgage. I have been informed by my broker that I need a lawyer as part of the process. I spoke to my former Tintern conveyancing solicitor who acted on my behalf when I originally acquired the property. The fee calculation provided of £470 has taken me by surprise as I am not require purchase conveyancing - it’s just a bog-standard refinance.
The estimate fees appear a bit high. If you you were to look around you may be able to decrease the fees marginally by perhaps £100 plus VAT. On the other hand, providing that you were satisfied with the legal work the firm provided you mightcome to rue opting for an an untested conveyancer. Remember to be sure that the conveyancer can also act for Yorkshire Building Society. Do utilise our search tool to get a quote a Tintern conveyancing firm on the Yorkshire Building Society approved list of lawyers, which can often include conveyancing solicitors in Tintern.
I am the registered owner of a freehold house in Tintern but still pay rent, why is this and what is this?
It’s unusual for properties in Tintern and has limited impact for conveyancing in Tintern 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 date back many centuries, but the Rent Charge Act 1977 barred the establishment of fresh rentcharges post 1977.
Previous rentcharges can now be extinguished by making a lump sum payment under the Act. Any rentcharges that are still in existence after 2037 will be extinguished.
is it true that all Tintern solicitor firms on the Bank of Ireland conveyancing panel are governed by the Solicitors Regulatory Authority?
As solicitors, in order to be on the Bank of Ireland approved list of solicitors they would need to be regulated by the SRA. Some banks do permit licenced conveyancers on their panel in which case such organisation would be overseen by the Council of Licensed Conveyancers.
I am expecting a AIP from HSBC this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc). Do HSBC recommend any Tintern solicitors on the HSBC conveyancing panel, or is it better to find our own lawyer?
You will need to appoint Tintern solicitors independently although you'll need to choose one on the HSBC conveyancing panel. The solicitor represents both you and HSBC through the process.
Leeds Building Society have agreed my home loan in principle, my offer on a apartment in Tintern has been agreed to, what happens next?
Your property agent will wish to know who your solicitors are (ensure that the lawyers are on the lender’s approved list). Telephone Leeds Building Society or the financial adviser and finalise any appropriate documentation. Leeds Building Society will sellect a valuer who will get in touch with the selling agent or vendor to arrange a slot for the valuation to occur. Once carried out (assuming no problems) it takes about a fortnight to receive the mortgage offer. Leeds Building Society will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in Tintern.
I have been pointed in your direction by a number of estate agents in Tintern to get a quote from a conveyancer using your seach tool. Is there a financial advantage for Estate Agents to market your site ahead of a competitor’s?
We don’t offer any commission for directing people in our direction. We found it would be just too difficult to pay a commission as home movers will think, ‘How come the agent getting a kickback? Why aren’t I getting any benefit too?’ We would prefer to grow our business on genuine recommendations.
I am hoping to put an offer on a small detached house that appears to meet my requirements, at a great figure which is making it more attractive. I have subsequently found out that the title is leasehold as opposed to freehold. I am assuming that there are particular concerns purchasing a house with a leasehold title in Tintern. Conveyancing advisers have are soon to be appointed. Will they explain the issues?
Most houses in Tintern are freehold rather than leasehold. This is one of the situations where having a local conveyancer who is familiar with the area who can assist with the conveyancing process. It is clear that you are buying in Tintern in which case you should be looking for a Tintern conveyancing solicitor and be sure that they have experience in transacting on leasehold houses. As a matter of priority you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want to the property. The lease comes with conditions such as requiring the freeholder’spermission to conduct changes to the property. You may also be required to pay a maintenance charge towards the upkeep of the estate where the house is part of an estate. Your solicitor should advise you fully on all the issues.
I bought a ground floor flat in Tintern, conveyancing having been completed January 2012. Can you let me have an estimate of the premium that my landlord can legally expect in return for granting a renewal of my lease? Equivalent properties in Tintern with a long lease are worth £216,000. The ground rent is £50 per annum. The lease terminates on 21st October 2094
You have 69 years unexpired the likely cost is going to span between £9,500 and £11,000 plus costs.
The suggested premium range above a general guide to costs for extending a lease, but we are not able to provide a more accurate figure in the absence of comprehensive due diligence. Do not use the figures in tribunal or court proceedings. There are no doubt additional concerns that need to be considered and clearly you should be as accurate as possible in your negotiations. Please do not take any other action placing reliance on this information before getting professional advice.
I was informed by my bank that their approved solicitors work on no sale no fee basis for conveyancing in Tintern. My purchase did not proceed nevertheless the solicitors have requested search fees! They are claiming that the fees are independent!
Tintern conveyancing search fees are disbursements not solicitors fees as these are paid to a third party.